MSB – NIM expansion potential driven by a solid CASA base
• Consolidated PBT for 2025 remained muted, reaching just over VND7 billion (+2% YoY). PBT fell short of the plan by VND1 trillion (fulfilling only 88% of the target) due to the absence of one-off income from the revaluation of previously sold debt.• We forecast MSB’s 2026F PBT to exceed VND8.3 trillion, up 18% YoY, driven mainly by (1) 21% YoY growth in net interest income (supported by NIM expansion) and (2) one-off income from the revaluation of previously sold debt (~VND500 billion).
• With improving profitability metrics and asset quality, we expect MSB’s P/B to reach 1.0x over the next 12 months. Combining two valuation methods—(1) Residual Income and (2) P/B multiple comparison—with equal weighting (50% each), we derive a target price of VND14,450 per share for MSB, implying a 27% upside from the closing price of VND11,350 as of March 17, 2026.
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