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FY22, CTG’s NP reached VND16,908bn (+20% yoy) driven by strong growth in non-interest income, fulfilling 102% of our forecast. We expect EPS FY23-24F to grow by 11%/21% yoy, higher than previous forecasts as we lift our forecasts of credit growth…

VCB’s NP recorded VND29,892bn in 2022 (+36% yoy) in FY22, forming 118% of our full-year forecast, mostly thanks to lower credit cost. Asset quality continues to remain on top with lowest-among-peer NPL ratio and highest LLR. Downgrade our rating to…

We forecast LPB’s loan growth will moderate slightly to 12% yoy over FY23-24F from nearly 13% in FY22. With net interest margin (NIM) pressure and rising credit risk as key headwinds, we now forecast net profit growth will slow down…

4Q22 net profit (NP) surged 93.4% to VND1,168bn thanks to the increase in normative costs calculated petroleum base prices.. We believe in a strong bounce back of PLX from FY23F with a NP CAGR of 48.2% in FY23-24F thanks to:…

In 4Q22, AST posted VND18bn in NP vs. VND16bn net loss in 4Q21. FY22 NP reached VND23bn, fulfilling 77.2% of our FY22 forecast. We expect AST’s NP to surge 931.6%/12.5% yoy to in FY23-24F mainly thanks to the recovery of…

Against a challenging macro backdrop, we expect MBB’s credit growth to moderate to 17% yoy over FY23-24F from 25% in FY22. Coupled with higher cost of funds (COF) pressure and rising credit risk, we forecast the bank’s net profit (NP)…

4Q22 net loss expanded to VND1,992bn following weak steel demand and squeezing gross margin (GM), making FY22 net profit slump 75.4% yoy. We believe HPG’s NP growth could have a slow start for year but the turning point would be…

BAF’s FY22 net revenue and net profit (NP) decreased 32.5%/9.2% yoy, respectively, fulfilled 121%/85.2% our full-year forecasts. We expect moderate earnings growth over FY23-24F due to higher gross margin (GM) from 3F (Feed-Farm-Food) segment. Reiterate Add with lower TP of…

4Q22 net profit (NP) increased by 3.8% yoy to VND206.8bn, making FY22 NP to a record level of VND861bn, fulfilling 105.8% of our forecast. We expect PVT’s core earnings to grow at CAGR of 9.7% in FY23-25F thanks to the…

4Q22 net profit declined by 6.7% yoy to VND2,266bn, primarily due to higher operating expenses and heavy provision of FECredit (FEC). For FY23-24F, we expect VPB will deliver healthy earnings growth of 25%/24% yoy (ex. upfront fee from FY22 base),…