Company Insight

Key assumptions for 2026 include: loan growth of 15% (credit growth had already reached nearly 3% by end-January), NIM remaining flat at 2.6%. Non-interest income is projected to grow 13% YoY, with debt recovery income remaining flat. NPL ratio at 1.1%, credit cost at 0.9%. CIR at 30.6%. Accordingly, CTG’s pre-tax profit in 2026 is projected to reach VND 50,206 billion (+15.6% YoY).
Investment Thesis
• Asset quality improving to top-tier within the sector
• Attractive valuation relative to SOB peers, with ROE maintained above 20%
• Credit growth aligned with strategic direction, focusing on production & business lending, green finance, infrastructure, while remaining prudent toward real estate-related lending
We reiterate our BUY recommendation for CTG, with a target price of VND 43,700.