VDSC keeps Buy rating for Asia Commercial Joint Stock Bank stock
Published on 10/08/2026 at 11:36 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS
VDSC had kept a Buy rating and a VND 27,000 price target for Asia Commercial Joint Stock Bank (VN000000ACB8) in a report dated September 15, 2026, according to CafeF. The target represented 24.00 percent upside in the published analysis, while the bank's first-half pretax profit reached VND 10.74 trillion, up 0.40 percent year over year.
Profit growth stays modest
The report put second-quarter 2026 pretax profit at VND 5.37 trillion, down 12.00 percent year over year. Quarter over quarter, the figure was described as broadly flat, giving investors a more cautious earnings signal than the first-half comparison alone.
Provision expense rose to VND 1.06 trillion in the second quarter, an increase of 129.00 percent year over year and 55.00 percent from the previous quarter. That cost line explains why a small first-half profit increase coexisted with weaker quarterly earnings.
Forecast cut highlights pressure
VDSC cut its 2026 pretax-profit forecast by 6.00 percent to VND 22.85 trillion, although the revised estimate still implied 17.00 percent year-over-year growth. The same analysis reduced its 2026 net interest margin forecast by 15 basis points to 2.96 percent and lowered return on average equity to 17.90 percent from 18.90 percent.
Credit quality also shaped the assessment. The report put the non-performing-loan ratio at 1.03 percent, 6 basis points higher year to date, while the non-performing-loan coverage ratio stood at 104.00 percent.
ACB trades below target
ACB traded at VND 20.40 on the Ho Chi Minh Stock Exchange on October 8, 2026 at 2:05 p.m. local time, down VND 0.25 or 1.21 percent in the quoted session, with volume of 4,537,800 shares. The 52-week range was VND 18,754.60 to VND 23,850.00, placing the quoted price between the year's low and high.
September 2026 market information put Asia Commercial Joint Stock Bank's market capitalization at VND 122.5 trillion. The combination of a VND 27,000 analyst target and higher provisions leaves margin performance and credit costs as the key figures for assessing whether the forecast can be delivered.
Asia Commercial Joint Stock Bank facts
- Company: Asia Commercial Joint Stock Bank
- ISIN: VN000000ACB8
- Ticker: ACB
- Primary exchange: HOSE
- Primary exchange price: VND 20.40 on October 8, 2026 at 2:05 p.m. local time
- Market capitalization: VND 122.5 trillion as of September 2026
- 52-week range: VND 18,754.60-23,850.00 as of October 7, 2026
- Sector / Industry: Financials / Banking Services
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