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

Vietnam Technological & Commer / Equity Bottom-Up

<ul><li>We maintain our OUTPERFORM rating and target price (TP) at VND26,000/share for TCB as we trim our aggregate 2024-2028F earnings forecast by only 0.9% (respectively changes of +5.4%/+0.7%/-1.5%/-2.4%/-3.4% for 2024/25/26/27/28F).</li><li>The slightly decrease in our 2024-2028F earnings forecast is mainly due to (1) a 1.2% increase in aggregate NOII mostly due to a 9.1% increase in our 2024F forecast, that is offset by (2) a 6.2% increase in aggregate 2024-2028F provision expenses following (i) deterioration in asset quality in Q2 2024 and (ii) slow recovery of real estate developer clients in HCMC. </li><li>Q2 2024 restructured loans under Circular 02 were flat QoQ at 1.3% of the total gross loans and are fully provisioned.</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 maintain our OUTPERFORM rating and target price (TP) at VND26,000/share for TCB as we trim our aggregate 2024-2028F earnings forecast by only 0.9% (respectively changes of +5.4%/+0.7%/-1.5%/-2.4%/-3.4% for 2024/25/26/27/28F).The slightly decrease in our 2024-2028F earnings forecast is mainly due to (1) a 1.2% increase in aggregate NOII mostly due to a 9.1% increase in our 2024F forecast, that is offset by (2) a 6.2% increase in aggregate 2024-2028F provision expenses following (i) deterioration in asset quality in Q2 2024 and (ii) slow recovery of real estate developer clients in HCMC. Q2 2024 restructured loans under Circular 02 were flat QoQ at 1.3% of the total gross loans and are fully provisioned.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.

Techcombank - Stronger NOII Growth Offsetting Higher Provisions