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ACB – Lower provisions drove 1H net profit growth – Earnings Flash

Company Note 29/07/2019    153

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  • Lower absolute non-performing loans at end-2Q19 vs. end-2Q18 led to a decline in provisions, thereby boosting the bottom line.
  • 2Q19 net profit grew 16.3% yoy and 12.2% qoq to VND1,533bn, with NIM staying flat qoq but loan growth accelerating in 2Q19.
  • We maintain our Add rating but lower our TP from VND39,500 to VND30,400 to factor in the recent 30% stock dividend paid on 25 Jul 2019.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND23,000

VND30,400

3.39%

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