ACB gains a new major shareholder

Ms. Nguyen Thien Huong Jenny has increased her stake in Asia Commercial Bank (ACB, ticker ACB-HOSE), bringing the total ownership of the group related to Au Lac to more than 257.4 million shares, equivalent to 5.01% of ACB’s charter capital.

Major shareholder disclosure

Ms. Nguyen Thien Huong Jenny reported the date she became a major shareholder of ACB. She announced that she purchased 931,700 ACB shares on March 26.

Following the transaction, her holding rose from 77.9 million shares (1.517%) to 78.84 million shares (1.53%) of ACB’s charter capital.

Related ownership structure

Ms. Nguyen Thien Huong Jenny is the daughter of Ms. Ngo Thu Thuy, chairwoman of Au Lac JSC. Ms. Ngo Thu Thuy currently holds 0.95% of ACB, while her husband, Mr. Nguyen Duc Hinh, also holds 0.95% of ACB’s equity.

In addition, Thuy’s son, Mr. Nguyen Duc Hieu Johnny, holds 1.14% of ACB. Mrs. Mai Phi Lan holds 0.13% of ACB, while Thien Huong International Education Village JSC holds 0.14% and Icon JSC holds 0.16%.

As a result, Ms. Nguyen Thien Huong Jenny increased the total stake of the Au Lac-related group to over 257.4 million shares, representing 5.01%.

Estimated transaction value

At the average trading price of ACB shares on March 26 of VND 23,458 per share, it is estimated that Ms. Nguyen Thien Huong Jenny spent nearly VND 22 billion to increase her stake.

Au Lac background

Au Lac JSC (code ALC) recently listed on UPCoM on January 15, 2026, with a reference price of VND 22,400 per share.

Founded in 2002, Au Lac focuses on developing and operating fuel shipping domestically and internationally. The company has established strategic partnerships and signed transport contracts with major domestic customers including Saigon Petro, Skypec, Thalexim, Petrolimex, PV Oil, and Petimex.

Au Lac operates eight oil ships with a total deadweight of 119,581 DWT, supporting fleet management and operations to international standards.

Brokerage update and rationale

Most recently, VCSC trimmed its target price for ACB by 3.9% to VND 32,000 per share and maintained a BUY recommendation.

The target price reduction was largely driven by VCSC’s lower forecast for net profit after tax in 2026–2030, with reductions of 8.8% (2026), 9.9% (2027), 9.9% (2028), 7.0% (2029), and 1.9% (2030).

Key assumptions behind the forecast cut

VCSC said the profit forecast reduction for 2026–2030 mainly reflects a decrease in its assumption for average credit growth from 18% to 16%, indicating a more cautious stance by the central bank to manage funding, exchange rate, and inflation risks.

The brokerage noted that this assumption aligns with ACB’s strategy of prioritizing sustainable growth rather than rapid expansion.

Asset quality and provisioning developments

VCSC also pointed to ACB’s higher provisioning costs in Q4 2025, which it described as largely one-off and related to the full recognition of the impact of Decree 86.

Under the decree, banks must set collateral value to 0 for loans that are nonperforming for more than two years. ACB fully recognized the impact and wrote off affected loans in the quarter, helping the nonperforming loan ratio fall below 1% and increasing the loan loss coverage ratio (LLR) to 114%, which VCSC said is among the best asset quality positions in three years.

Outlook for 2026 provisioning

VCSC believes ACB’s 2026 provisioning could decline materially, with credit costs around 0.2% and stock risk given a NIM in 2026 that may be lower than expected.