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HPG – Weak 1Q19 results amid rising iron ore price – Update

Company Note 02/05/2019    198

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  • VCB reported 1Q19 pre-tax profit of VND5.8tr (+34.9% yoy); this account for 29% our full-year forecast.
  • Targets 9.5% pretax profit growth in FY19, relatively in line with our forecast.
  • Maintain Add, with unchanged TP of VND73,800.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND33,600

VND33,100

0.00%

HOLD

STEEL

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