LPB- LPB posted robust profit growth in 1H19, but asset quality showed clear signs of deterioration – Update

• Robust 1H19 net profit growth on strong income and costs cutting.
• Deteriorating asset quality raised our concern.
• We raise FY19F net profit forecast by 24% but expect lower profit growth in 2H19F.
• However, we lower our TP to VND10,000.

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