Company Insight

Investment thesis and outlook for 2026

- IPO deals would support stock overal sentiment. HDB has successfully increase ownership of HDS and Hdsaison to 90% and 75%. With both ready to IPO are expected to happen in 2H2026.

- The conversion for convertible bond of USD165million would further buffer equity for HDB

- With assumption of 30% customer loan growth, we expect PBT of HDB in 2026 would reached VND27,654bn (+29.7% YoY)

Supproted by positve growth outlook in 2026-2027, we update BUY recommendation at the price target of VND34,000share