External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We maintain our BUY rating and target price (TP) of VND110,000/share for VCB.</li><li>Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).</li><li>We slightly decrease our 2024F NPAT-MI by 0.8% to VND36.2tn (USD1.4bn; +9.7% YoY) primarily due to (1) our 15.7% cut in NOII reflecting the weak performance in H1 2024 that outweighs (2) a 1% increase in NII with our slightly higher NIM forecast, (3) a 4.1% decrease in provision expenses, and (4) a 6.5% decrease in OPEX. </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 BUY rating and target price (TP) of VND110,000/share for VCB.Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).We slightly decrease our 2024F NPAT-MI by 0.8% to VND36.2tn (USD1.4bn; +9.7% YoY) primarily due to (1) our 15.7% cut in NOII reflecting the weak performance in H1 2024 that outweighs (2) a 1% increase in NII with our slightly higher NIM forecast, (3) a 4.1% decrease in provision expenses, and (4) a 6.5% decrease in OPEX. 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.

Vietcombank

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