ACB – Envisaging strong FY21F earnings growth – Update

• In the Analyst Meeting on 18 Jan 2021, ACB posted VND9,596bn in FY20F PBT (+ 27.7% yoy), 18.6% above our forecast.
• We expect EPS to grow at 17.2% CAGR on a 15% loan gross CAGR and about 7bp NIM expansion over 2021-23F.
• Reiterate Add with higher TP of VND35,400 on higher loan growth assumption in 2020-21F, a rollover to 2021 residual income valuation, and higher P/B.

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