Ngày đăng
29/09/2026
Mã chứng khoán
Doanh nghiệp
Ngân hàng Thương mại Cổ phần Ngoại thương Việt Nam
Tên chuyên viên
Nguyễn Dân Trưởng
Ngôn ngữ
Tiếng Anh
Lượt tải về
4
VALUATION VIEW
BSC recommends BUY on VCB with a target price of VND77,800/share, implying 30% upside from the closing price on 15/09/2026. We value the stock using a blended P/B and P/E approach with a 70/30 weighting, corresponding to a target P/B of 2.4x on 2026F book value and a target P/E of 16x. The target price is raised slightly by 2.6% versus our previous report, mainly due to a 10% upward revision to our 2026F PBT forecast.
2Q2026 BUSINESS RESULTS UPDATE: ABOVE EXPECTATIONS ACROSS ALL SEGMENTS
Total operating income reached VND26.4tn (+48% YoY), with net interest income +35% YoY and non-interest income +95% YoY. PBT reached VND17.4tn, +58% YoY – the highest in VCB's history. During the period, VCB recognized a one-off gain of VND2tn from asset revaluation; excluding this item, core PBT reached VND15.4tn, still up 40% YoY, well above the single-digit growth of the previous six quarters.
INVESTMENT THESIS
Regulatory change on the LDR ratio benefits VCB. Raising the share of State Treasury deposits counted in the LDR from 20% to 50% frees up about VND47tn in additional lending capacity for VCB (+2.7% of current outstanding loans) without the need to mobilize additional deposits. NIM improvement will drive profit growth of 20%/9% in 2026F–2027F, higher than the 2%/4% growth in 2024-2025.
Best-in-class asset quality provides a safety buffer against unexpected macro shocks. The NPL coverage ratio reached 280%, significantly higher than the sector average of 84%.
TTM P/B valuation is currently around 2.0x, an 8-year low, while profit growth is poised to re-accelerate over the next two years as mentioned above.
Catalysts supporting the share price over the next 12 months. A 6.5% private placement to foreign investors, FTSE Emerging Markets ETFs starting to buy VCB shares from September 2026, and a potential reversal of around VND1.3tn in bond provisions.
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