게시일
29/09/2026
주식코드
기업
Ngân hàng Thương mại Cổ phần Ngoại thương Việt Nam
전문가 이름
Nguyễn Dân Trưởng
언어
Tiếng Anh
다운로드 횟수
13
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.