VPBankS keeps target for Military Commercial Joint Stock Bank stock

Military Commercial Joint Stock Bank (VN000000MBB5) retained a VND 25,400 target after VPBankS maintained its positive view on October 1, 2026. The forecast combines 29.90 percent credit growth with a 3.80 percent net interest margin for 2026.

According to BNEWS, VPBankS maintained its buy recommendation and target of VND 25,400 on October 1, 2026. The target represented 27.00 percent potential upside against the VND 20,000 closing price used in the analysis.

What drives the 2026 case?

The operating thesis rests on faster lending growth. VPBank raised its 2026 credit-growth forecast to 29.90 percent, close to the lower end of Military Commercial Joint Stock Bank's 30.00 percent to 35.00 percent management plan. The forecast also stood above the 15.00 percent system target cited in the report.

Margin expansion remains a second quantified support. VPBank forecast a 3.80 percent net interest margin for 2026, up from 3.70 percent previously, while second-quarter 2026 net interest margin was reported at 4.10 percent, 0.35 percentage points higher than in the prior quarter. The same analysis projected a 1.45 percent nonperforming-loan ratio at the end of 2026, below the bank's 1.50 percent target.

Capital and asset quality matter

The forecast is balanced by funding and credit-quality risks. VPBank projected provision expenses to rise 27.70 percent as lending expanded near 30.00 percent and loan-loss coverage reached 97.70 percent. It also expected return on equity to remain at 21.00 percent in 2026.

Military Commercial Joint Stock Bank had updated its charter capital to VND 100.7 trillion on October 6, 2026, according to the dated company coverage on its investor-relations topic. On the HOSE, the stock last stood at VND 19,700 on October 19, 2026 at 2:45 p.m. ICT, while market capitalization was VND 182.5 trillion on that date.

Next dates remain unpriced

The next investor-relevant milestones are the bank's 2026 lending execution, funding progress and asset-quality development. The published forecast sets 29.90 percent credit growth against a 1.45 percent projected nonperforming-loan ratio, making balance-sheet expansion the key trade-off in the outlook.

HOSE valuation context

Military Commercial Joint Stock Bank's last quoted HOSE price was VND 19,700 on October 19, 2026 at 2:45 p.m. ICT. Its market capitalization was VND 182.5 trillion on the same date, while the analyst target remained VND 25,400.