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LPB – Earnings Update – 20181029

Company Note 29/10/2018    125

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  • LPB is on track to achieve its revised earnings target for FY18F. The bank remains a solid dividend play despite weak earnings.
  • Net Interest Margin (NIM) dropped 17bp qoq in 3Q18 as CASA continued to plunge. 9M18 net interest income fell 8.1% yoy on 60bp NIM compression.
  • Net fee income grew robustly while other non-interest income stayed flat in 9M18. 9M18 operating expenses increased by 14.6% yoy due to network expansion
  • There are signs LPB cut corners in provisioning to cushion weak results. LPB is on track to meet our forecast for the year.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND9,250

VND13,500

10.8%

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