Banks Industry: Neutral outlook on the back of tightening monetary policy – Initiation
- We expect Vietnam banks to achieve 14-15% credit growth in 2019-20F.
- We see modest net interest margin (NIM) expansion in 2019F due to rising funding costs while non-interest income (non-II) should remain robust.
- We are Neutral on the sector but recommend Add on a few banks that are better positioned to capture opportunities in retail lending and non-II activities
Please follow this link for the full report
You Might Be Interested
Sector note
10
1Q22 aggregated revenue of listed W&WP companies increased 10.2% yoy, while 1Q22 aggregated NP soared 28.2% yoy. We forecast that W&WP companies’ GM might edge down 0.5% pts to 0.8% pts yoy in 2Q22F before staying flat in 2H22. Our…
Sector note
8
Under the April 2022 PDP8 draft, gas-fired and RE power continue to be embraced while coal-fired might step in its end of era after stop developing from 2030F. We believe in the strong recovery of thermal power in 2022 after…
Sector note
32
Sales activities might speed up while land bank acquisition activities will slow down, altogether to cool down the prices in the rest of 2022, in our view. We see increasing headwinds weighing on sector outlook, including: 1) rising interest rate…
VI
EN
JA
ZH
