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.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND20,500
|
VND28,500
|
2.44%
|
ADD
|
BANKS
|
Please follow this link for the full report
You Might Be Interested
Company Note
7
1Q23 net profit (NP) declined by 12.5% yoy to VND1.2tr, fulfilling 26% of our full-year forecast. Given solid 1Q23 results, we maintain our FY23-24F earnings forecasts at VND4.9tr/5.6tr, respectively, which imply solid earnings growth of 8%/16% from high base in…
Company Note
13
1Q23 net profit dropped by 84.4% yoy, fulfilling only 2.3% of our full-year forecast due to land clearance delay. We expect NP to grow at 30.3% FY23-24F CAGR thanks to better-than-expected perfomance of industrial property and larger and larger contribution…
Company Note
15
1Q23 net profit (NP) was almost flat yoy to VND215bn, fulfilling 21.5% of our full-year forecast. PDP8 highlights the priority in developing domestic gas-fired power and offshore wind power, implying the huge potential backlog for the leading offshore facilities contractor…
VI
EN
JA
ZH
