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Year 2023

CTG – Solid assets to sail through headwinds – Update

Company Note 5

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…


Year 2023

VCB – A bunker for the stormy days – Update

Company Note 13

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…


Year 2023

LPB – Earnings growth to decelerate in FY23-24F – Update

Company Note 21

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…


Year 2023

PLX – Positive prospect thanks to stable domestic fuel market – Update

Company Note 36

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:…


Year 2023

AST – A new chapter begins – Update

Company Note 47

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…


Year 2023

MBB – Long-term growth drivers remain intact – Update

Company Note 33

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)…


Year 2023

HPG – The turning point would be in 3Q23F – Update

Company Note 35

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…


Year 2023

BAF – Solid expansion into meat processing value chain – Update

Company Note 39

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…


Year 2023

PVT – Core earnings to maintain stable growth – Update

Company Note 56

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…


Year 2023

VPB – Strong lending activity at parent bank to drive profit growth – Update

Company Note 47

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),… Protection Status