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ACB – Heavy provisioning weighed on earnings – Earnings Flash

Company Note 28/07/2020    154

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND22,900

VND28,500

0%

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