{"id":37395,"date":"2026-07-24T17:10:10","date_gmt":"2026-07-24T10:10:10","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=37395"},"modified":"2026-07-24T17:10:10","modified_gmt":"2026-07-24T10:10:10","slug":"gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\/","title":{"rendered":"GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-family: helvetica, arial, sans-serif\"><a href=\"https:\/\/gtht.com.vn\/wp-content\/uploads\/2026\/07\/GTHTSVN-RS_F88-Equity-Report_Poised-for-the-Next-Stage-of-Growth-_TP-70800-July-222026.pdf\">GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026<\/a><\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>REPORT HIGHLIGHTS<\/strong><\/span><\/p>\n<ul>\n<li><span style=\"font-family: helvetica, arial, sans-serif\">F88 completed its IPO in July 2025 and officially listed on the UPCoM on August 8, 2025. The company is the largest pawnshop chain in Vietnam, significantly outperforming peers in both scale and store network. As of June 2026, F88 had served more than 1.6 million pawn lending customers, with net outstanding loan reaching VND 8.8 trillion, accounting for approximately 2.5% of Vietnam&#8217;s alternative finance market. The company operated a nationwide network of branches across 34 provinces and cities, supported by more than 4,000 employees.<\/span><\/li>\n<li><span style=\"font-family: helvetica, arial, sans-serif\">F88 benefits from the strategic support and expertise of Mekong Capital and other foreign institutional investors. Their backing has strengthened the company&#8217;s capital structure, enabling sustainable business expansion while maintaining a solid credit profile, as reflected in its successful track record of secured bond issuances.<\/span><\/li>\n<li><span style=\"font-family: helvetica, arial, sans-serif\">Vietnam&#8217;s consumer finance and alternative finance markets remain significantly underpenetrated, providing substantial room for modern pawn lending operators such as F88 to expand their market share.<\/span><\/li>\n<li><span style=\"font-family: helvetica, arial, sans-serif\">Compared with peers in the consumer finance and pawn lending segments, F88 has consistently demonstrated superior loan growth and profitability. For the 2025\u20132030 period, management targets a 34.5% CAGR in net loan balance, 33.4% CAGR in revenue, and 37.6% CAGR in net profit, while maintaining an average ROE above 30%. The company also generates an attractive lending yield (including both interest income and service fees), with lending profitability exceeding 55% and ROE remaining above 30% during 2024\u20132025.<\/span><\/li>\n<li><span style=\"font-family: helvetica, arial, sans-serif\">F88 is currently conducting a pre-listing share offering ahead of its planned transfer from UPCoM to the HOSE, expected in 4Q26.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-family: helvetica, arial, sans-serif\"><strong>Recommendation<\/strong><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p style=\"text-align: justify\"><span style=\"font-family: helvetica, arial, sans-serif\">We value F88 using the <strong>peer P\/B multiple<\/strong> approach and derive a <strong>target price of VND 70,800 per share<\/strong>, representing a <strong>4.4% downside<\/strong> from the closing price on <strong>22 July 2026<\/strong>. Accordingly, we initiate coverage with a <strong>Neutral<\/strong> recommendation on F88.<\/span><\/p>\n","protected":false},"author":36,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-37395","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026 REPORT HIGHLIGHTS F88 completed its IPO in July 2025 and officially listed on the UPCoM on August 8, 2025. The company is the largest pawnshop chain in Vietnam, significantly outperforming peers in both scale and store network. As of June 2026, [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtht.com.vn\/en\/research\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\/\" \/>\n<meta property=\"og:site_name\" content=\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\\\/\",\"name\":\"GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\"},\"datePublished\":\"2026-07-24T10:10:10+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\\\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/\",\"name\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/gtht.com.vn\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#organization\",\"name\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/faviicon-1.jpg\",\"contentUrl\":\"https:\\\/\\\/gtht.com.vn\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/faviicon-1.jpg\",\"width\":1067,\"height\":1067,\"caption\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\"},\"image\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>","yoast_head_json":{"title":"GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtht.com.vn\/en\/research\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\/","og_locale":"en_US","og_type":"article","og_title":"GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","og_description":"GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026 REPORT HIGHLIGHTS F88 completed its IPO in July 2025 and officially listed on the UPCoM on August 8, 2025. The company is the largest pawnshop chain in Vietnam, significantly outperforming peers in both scale and store network. As of June 2026, [&hellip;]","og_url":"https:\/\/gtht.com.vn\/en\/research\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\/","og_site_name":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/gtht.com.vn\/en\/research\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\/","url":"https:\/\/gtht.com.vn\/en\/research\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\/","name":"GTHTSVN RS_F88 Equity Report_Poised for the Next Stage of Growth _TP 70,800 July 22,2026 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","isPartOf":{"@id":"https:\/\/gtht.com.vn\/#website"},"datePublished":"2026-07-24T10:10:10+00:00","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtht.com.vn\/en\/research\/gthtsvn-rs_f88-equity-report_poised-for-the-next-stage-of-growth-_tp-70800-july-222026\/"]}]},{"@type":"WebSite","@id":"https:\/\/gtht.com.vn\/#website","url":"https:\/\/gtht.com.vn\/","name":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","description":"","publisher":{"@id":"https:\/\/gtht.com.vn\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gtht.com.vn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/gtht.com.vn\/#organization","name":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","url":"https:\/\/gtht.com.vn\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/gtht.com.vn\/#\/schema\/logo\/image\/","url":"https:\/\/gtht.com.vn\/wp-content\/uploads\/2025\/05\/faviicon-1.jpg","contentUrl":"https:\/\/gtht.com.vn\/wp-content\/uploads\/2025\/05\/faviicon-1.jpg","width":1067,"height":1067,"caption":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)"},"image":{"@id":"https:\/\/gtht.com.vn\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/research\/37395\/"}],"collection":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/research\/"}],"about":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/types\/research\/"}],"author":[{"embeddable":true,"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/users\/36\/"}],"wp:attachment":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=37395"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=37395"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=37395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}