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ACB – The comeback of a major retail banking player – Initiation

Company Note 01/07/2019    193

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  • ACB’s rich retail banking expertise is a valuable asset in Vietnam’s ongoing retail banking race.
  • Large write-offs for bad assets in FY17 suggest big write-backs in FY18-21F.
  • We forecast a moderate net profit CAGR of 15.6% in FY19-21F.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND28,900

VND39,500

3.39%

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