Using the Residual Income and Price-to-Book (P/B) multiples methods, we determine ACB’s target price at VND 26,200/share. We expect ACB’s Return on Equity (ROE) to remain high at 17%-21% during 2025–2030, supported by a sustainable strategy focused on risk mitigation and strengthening asset quality. In addition, with the issuance of Resolution No. 68-NQ/TW dated May 4, 2025, by Politburo to promote private sector economic development, we believe ACB is among the key beneficiaries. This is due to its loan portfolio composition, with retail and SME clients accounting for up to 90%—focusing on trade and manufacturing sectors, which is higher than other retail commercial banks.

In assessing the impact of tariffs, loans to export businesses make up only around 5% of ACB’s total credit portfolio. These clients have a diversified export market, with the U.S. market accounting for just 10–20%. While tariff policies may have a short-term impact on business results, in the long term, ACB remains our top pick due to its superior asset quality and sustainable growth potential. BVSC recommends OUTPERFORM for ACB stock, with a target price of VND 26,200/share, representing a 23% upside compared to the closing price on May 29, 2025.

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Please find the attached file below.