ACB – Moderate earnings growth insight – Update

• ACB plans its 2021F PBT of VND10,602bn (10.5% yoy) on a 9.5% yoy credit expansion and maintains NPL ratio under 2%.
• We forecast EPS CAGR of 16% over FY21-23F on improving net interest margin and lower cost to income ratio.
• Reiterate Add with higher TP of VND39,500

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