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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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND20,500
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VND28,500
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2.44%
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ADD
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BANKS
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