External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam Technological & Commer / Equity Bottom-Up

<ul><li>We raise our target price (TP) for TCB by 7.7% to VND28,000/share and upgrade our rating from OUTPERFORM to BUY. </li><li>Our higher TP is mainly due to (1) the positive impact of rolling our TP horizon forward to end-2025F and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta. </li><li>We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of </li></ul>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.

We raise our target price (TP) for TCB by 7.7% to VND28,000/share and upgrade our rating from OUTPERFORM to BUY. Our higher TP is mainly due to (1) the positive impact of rolling our TP horizon forward to end-2025F and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta. We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of 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.

TCB [BUY +21.8%] - Expecting Weak Q4 2024, yet Earnings Outlook on Track - Update