ACB – Lower provisions drove 1H net profit growth – Earnings Flash
- Lower absolute non-performing loans at end-2Q19 vs. end-2Q18 led to a decline in provisions, thereby boosting the bottom line.
- 2Q19 net profit grew 16.3% yoy and 12.2% qoq to VND1,533bn, with NIM staying flat qoq but loan growth accelerating in 2Q19.
- We maintain our Add rating but lower our TP from VND39,500 to VND30,400 to factor in the recent 30% stock dividend paid on 25 Jul 2019.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
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VND23,000
|
VND30,400
|
3.39%
|
ADD
|
BANKS
|
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