External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Leading full-service brokerage firm in Vietnam. 

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Equity Bottom-Up

Vietnam National Petroleum Gro / Equity Bottom-Up

Vietnam National Petroleum Group (Petrolimex) provides petroleum products. The Company offers oils, greases, liquefied petroleum gas, and oil transportation, as well as invest in engineering, installation, mechanical and oil equipment, insurance, banking, and other commercial and services activities. Petrolimex serves customers worldwide.

<ul><li>Vietnam National Petroleum Group (Petrolimex – PLX VN), a wholesaler, dominates Vietnam's domestic petroleum products market, accounting for more than 48% of local gasoline distribution.</li><li>By end-2024, PLX owned a network of 4,730 stations out of a total of 17,000 fuel outlets nationwide, which is twice as many as the second-largest player.</li><li>In August 2024, the Ministry of Industry and Trade (MoIT) released the fourth draft of the new petroleum decree, which amends and revises application Decrees 83/2014, 95/2021, and 80/2023.</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>

Vietnam National Petroleum Group (Petrolimex – PLX VN), a wholesaler, dominates Vietnam's domestic petroleum products market, accounting for more than 48% of local gasoline distribution.By end-2024, PLX owned a network of 4,730 stations out of a total of 17,000 fuel outlets nationwide, which is twice as many as the second-largest player.In August 2024, the Ministry of Industry and Trade (MoIT) released the fourth draft of the new petroleum decree, which amends and revises application Decrees 83/2014, 95/2021, and 80/2023.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.

Vietnam National Petroleum Group (PLX VN Equity/Buy) - Revaluation from Regulatory Changes

TNG Investment & Trading Jsc / Equity Bottom-Up

TNG Investment & Trading JSC manufactures and exports apparel.

<ul><li>TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of Vietnam’s top garment exporters.</li><li>The company has a diversified customer portfolio that encompasses many key Vietnam textile export markets.</li><li>TNG’s key business is CMT garment production, and the company possesses over 300 manufacturing lines in 18 branches, based in Thai Nguyen province, Vietnam.</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>

TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of Vietnam’s top garment exporters.The company has a diversified customer portfolio that encompasses many key Vietnam textile export markets.TNG’s key business is CMT garment production, and the company possesses over 300 manufacturing lines in 18 branches, based in Thai Nguyen province, Vietnam.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.

TNG Investment and Trading JSC (TNG VN) - Opportunity in Chaos

Thematic (Sector/Industry)

<ul><li>Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.</li><li>A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).</li><li>Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). </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>

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit (including corporate bonds) rising 21.7% YoY to VND683tr (69.8% of total assets) in FY24.A steady disbursement pace underscored a prudent approach, balancing risk diversification and yield optimization. Real estate exposure declined to 63.7% (-7.3%p since 2022), while retail banking penetration increased to 41.6% (+2.2%p YoY).Asset quality improved, with the NPL ratio down to 1.12% (-4bps YoY, -17bps QoQ), ranking second only to VCB, while LLR surged to 114% (+11.8%p YoY). 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.

Stock recommendations (Vietnam Market)_April 2025

Vietnam Joint Stock Commercial Bank For Industry and Trade / Equity Bottom-Up

Vietnam Joint Stock Commercial Bank For Industry and Trade accepts deposits and offers commercial banking services.  The bank offers corporate and consumer loans; insurance; securities and derivatives brokerage; lease financing; money transfer; credit cards; and other services

Vietnam Joint Stock Commercial Bank For Industry and Trade (CTG VN)

Vietnam Joint Stock Commercial Bank For Industry and Trade

<ul><li>In 4Q24, the total assets of VietinBank (CTG) expanded by 17.4% YoY and 7% QoQ, surpassing VND2,385tr.</li><li>After lagging the broader sector in 2023, credit growth rebounded strongly in 2024, rising 16.9%, outpacing the industry’s 15.1% increase.</li><li>Key credit disbursement was directed toward FDI enterprises (+25.1% YoY) and retail customers (+22.1% YoY), positioning CTG as one of the few commercial banks that was able to expand its retail banking share in 2024, up 2.1%p YoY to 39.4% by year-end 2024.</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>

In 4Q24, the total assets of VietinBank (CTG) expanded by 17.4% YoY and 7% QoQ, surpassing VND2,385tr.After lagging the broader sector in 2023, credit growth rebounded strongly in 2024, rising 16.9%, outpacing the industry’s 15.1% increase.Key credit disbursement was directed toward FDI enterprises (+25.1% YoY) and retail customers (+22.1% YoY), positioning CTG as one of the few commercial banks that was able to expand its retail banking share in 2024, up 2.1%p YoY to 39.4% by year-end 2024.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.

Vietnam JSCB for Industry and Trade (CTG VN) - Plodding Along

Gia Lai Electricity Joint Stock Company produces, transmits, and distributes electricity in Vietnam. The company operates through Electricity Production and Sales Activities, Service Provision Activities, Goods Sales Activities, and Construction Activities segments. It also engages in setting up electrical system; construction of industrial projects, hydroelectric projects, dams and dykes, road embankments, and other projects; consulting on survey, design, construction, and supervision of small and medium hydroelectric projects, lines, and transformer stations; wholesale of other machinery, equipment and spare parts; and provision of construction, technical, electrical consulting services, and financial investment. In addition, the company is involved in production of concrete and products from cement and gypsum; architectural activities; Laboratory services; and solar and wind power operation and maintenance. Gia Lai Electricity Joint Stock Company was founded in 1989 and is headquartered in Pleiku, Vietnam.

<ul><li>We downgrade our rating for Gia Lai Electricity JSC (GEG) to Trading Buy (from Buy), but raise our target price to VND14,500 (from VND13,600).</li><li>The stock price has risen by 14% since our latest report in November 2024 (VN Index: +7%).</li><li>We remain bullish on a resumption of earnings growth for GEG in FY25; however, we note that the company faces uncertainties from regulatory risks related to four offshore wind projects under investigation, share dilution risk, and a high debt burden.</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 downgrade our rating for Gia Lai Electricity JSC (GEG) to Trading Buy (from Buy), but raise our target price to VND14,500 (from VND13,600).The stock price has risen by 14% since our latest report in November 2024 (VN Index: +7%).We remain bullish on a resumption of earnings growth for GEG in FY25; however, we note that the company faces uncertainties from regulatory risks related to four offshore wind projects under investigation, share dilution risk, and a high debt burden.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.

Gia Lai Electricity JSC (GEG VN) - From Slump to Surge

Mirae Asset Securities
External broker reports(aggregated public sources)
• Mirae Asset Securities

Vietnam National Petroleum Group (PLX VN Equity/Buy) - Revaluation from Regulatory Changes

By end-2024, PLX owned a network of 4,730 stations out of a total of 17,000 fuel outlets nationwide, which is twice as many as the second-largest...

Mirae Asset Securities

TNG Investment and Trading JSC (TNG VN) - Opportunity in Chaos

TNG Investment and Trading JSC (TNG VN) is one of the fastest-growing garment companies in Vietnam, with a bold financial structure, and is one of...

Mirae Asset Securities

Stock recommendations (Vietnam Market)_April 2025

Despite a moderate 15.2% YoY increase in total assets to VND978tr, TCB maintained strong expansion in core profit-generating assets, with credit...

Mirae Asset Securities

Vietnam JSCB for Industry and Trade (CTG VN) - Plodding Along

The NPL ratio declined 20bps QoQ, althoughit rose by a modest 12bps YoY to 1.25%, while LLR improved by 3.5%p YoY to over 170%, with a substantial...

Mirae Asset Securities

Gia Lai Electricity JSC (GEG VN) - From Slump to Surge

We downgrade our rating for Gia Lai Electricity JSC (GEG) to Trading Buy (from Buy), but raise our target price to VND14,500 (from VND13,600).

Mirae Asset Securities