VPBank Securities kept a Buy rating for Military Commercial Joint Stock Bank stock

Military Commercial Joint Stock Bank stock (ISIN VN000000MBB5) carried a VND 25,400 12-month target after VPBank Securities maintained its Buy rating on September 30, 2026, according to Tin nhanh chung khoan. The report also cut its 2026 pretax profit growth forecast from 19.30 percent to 15.10 percent, highlighting funding and asset-quality risks alongside the target.

Target rests on strong earnings

VPBank Securities based its view on a 21.00 percent return on equity forecast for 2026 and expected credit growth of 29.90 percent. The report said the target represented a 27.00 percent upside to the cited VND 20,000.00 reference price, while the stock traded at a forward price-to-book ratio of 1.18, below the five-year average of 1.38.

The report also flagged a counter-factor: funding growth may lag credit expansion, while a slower private placement or higher bad debt could pressure the outlook. It projected a 1.45 percent nonperforming-loan ratio at the end of 2026, below the bank's 1.50 percent internal target.

First-half profit rose 27.10 percent

Military Commercial Joint Stock Bank reported consolidated pretax profit of VND 20.188 trillion in the first half of 2026, up 27.10 percent year over year, according to Bao Tin Tuc. Second-quarter pretax profit reached VND 10.560 trillion, an increase of 40.70 percent from the same quarter of 2025 and 9.70 percent from the prior quarter.

The bank's total assets exceeded VND 1.7 quadrillion as of June 30, 2026. Its first-half result represented 51.10 percent of the 2026 pretax profit plan of VND 39.500 trillion, giving the earnings comparison a clear period and benchmark.

Capital base passes VND 100 trillion

MB also raised charter capital to nearly VND 100.7 trillion, making it the first Vietnamese bank to pass that threshold, Vietnam News reported on October 6, 2026. The bank aims to keep its bad-debt ratio below 1.50 percent and expand outstanding credit to VND 1.5 quadrillion by the end of 2026.

On October 8, 2026, MBB was quoted at VND 18,900.00 on HOSE, down VND 200.00 or 1.05 percent. Its 52-week range was VND 17,784.30 to VND 23,628.10, placing the quote VND 4,728.10 below the high, or 20.01 percent.

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