ACB – 1Q20 results: good performance amid challenges – Update

• 1Q20 earnings grew 12.5% yoy to VND1,537bn, below our previous full-year FY20F growth forecast of 22.4%.
• We cut FY20-22F EPS by 7.0-9.6% due to lower loan growth and lower net interest margin (NIM) forecasts from the impact of the Covid-19 outbreak.
• Reiterate Add but with a lower TP to VND28,500 after we cut our EPS forecasts and raise the risk premium.

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