ACB – Heavy provisioning weighed on earnings – Earnings Flash
- ACB’s 1H20 net profit rose 5.5% yoy to c.VND3,059bn, fulfilling 46.8% of our full-year forecast.
- 1H20 provision expense rose 5.6x yoy, helping ACB retain the lowest-among-peers NPL ratio of 0.68%, and 2nd-highest LLR of 144.1%.
- Reiterate Add with an unchanged TP of VND28,500.
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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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VND22,900
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VND28,500
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0%
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ADD
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BANKS
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