External broker reports(aggregated public sources), Vietcap

Vietcap

We specialize in consulting both individual and institutional clients, providing them with effective financial solutions that are tailored to their specific needs.

External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We decrease our target price (TP) for STB by 2.4% to VND37,200/share but maintain our BUY rating.</li><li>Our lower TP is due to a 0.9% decrease in our aggregate 2024-2028F projected NPAT (- 3.1%/+12.9%/-4.8%/-2.6%/-4.1% in 2024/25/26/27/28F, respectively).</li><li>We decrease our aggregate 2024-2028F net income projection mainly due to a 2.7% decrease in aggregate NII following our lower expectation for average NIM at 4.00% vs 4.12% as in our previous Update Report.</li></ul><p><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></p>

We decrease our target price (TP) for STB by 2.4% to VND37,200/share but maintain our BUY rating.Our lower TP is due to a 0.9% decrease in our aggregate 2024-2028F projected NPAT (- 3.1%/+12.9%/-4.8%/-2.6%/-4.1% in 2024/25/26/27/28F, respectively).We decrease our aggregate 2024-2028F net income projection mainly due to a 2.7% decrease in aggregate NII following our lower expectation for average NIM at 4.00% vs 4.12% as in our previous Update Report.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.

Sacombank (STB) - Delaying Income from Phong Phu Debt Sale to 2025