External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Leading full-service brokerage firm in Vietnam. 

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>Fortunately for Ho Chi Minh City Development JSCB (HDB), its subsidiary –HD Saison (HDS)– enjoyed a relatively positive performance in 1H23.</li><li>The encouraging results include: 1) total operating income growth of 8.1% YoY; 2) a rebound in NIM from the 2022 low of 6% to a more robust level of 7.9% by end-2Q23; 3) progressive improvement in CIR over the past six years, declining to 37.3% (-0.9%p YTD); and, most notably, 4) sustained profitability, with PBT of VND314bn, while its peers face considerable challenges.</li><li>Despite robust asset growth of 16.3% YTD in 1H23, the growth of HDB’s lending book is somewhat constrained, due to weak credit demand.</li></ul><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Fortunately for Ho Chi Minh City Development JSCB (HDB), its subsidiary –HD Saison (HDS)– enjoyed a relatively positive performance in 1H23.The encouraging results include: 1) total operating income growth of 8.1% YoY; 2) a rebound in NIM from the 2022 low of 6% to a more robust level of 7.9% by end-2Q23; 3) progressive improvement in CIR over the past six years, declining to 37.3% (-0.9%p YTD); and, most notably, 4) sustained profitability, with PBT of VND314bn, while its peers face considerable challenges.Despite robust asset growth of 16.3% YTD in 1H23, the growth of HDB’s lending book is somewhat constrained, due to weak credit demand.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Ho Chi Minh City Development JSCB  - Riding Out the Storm

HDBank

Ho Chi Minh City Development JSCB - Riding Out the Storm