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

Bank For Investment And Deve / Equity Bottom-Up

<ul><li>We have identified two pivotal catalysts JSCB for Investment and Development of VN (BID). First, the expected recovery of NIM will support earnings growth.</li><li>In 1H23, BID's NIM fell by approximately 20bps YTD, due to lower yield spread. Thus, NIM should gradually recover, due to the end of grace period, in the upcoming quarters and a bottoming-out of CASA (17% as of 2Q23; -187bps YTD, but +80bps QoQ).</li><li>Second, with the relatively modest profit growth target in 2H23, there is ample room for BID to improve asset quality by setting aside further provisioning. </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>

We have identified two pivotal catalysts JSCB for Investment and Development of VN (BID). First, the expected recovery of NIM will support earnings growth.In 1H23, BID's NIM fell by approximately 20bps YTD, due to lower yield spread. Thus, NIM should gradually recover, due to the end of grace period, in the upcoming quarters and a bottoming-out of CASA (17% as of 2Q23; -187bps YTD, but +80bps QoQ).Second, with the relatively modest profit growth target in 2H23, there is ample room for BID to improve asset quality by setting aside further provisioning. 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.

JSCB for Investment and Development of VN (BID VN/Buy) - Positive Signs, but Concerns Remain