LPB – Update – 20180510

We reiterate our ADD rating on LPB but lower our target price by 3.1% to VND19,000 due to a lowering of FY18 forecasted earnings on the back of a higher deposit growth forecast than previously expected, which will weigh on NIM. 1Q18 saw a sluggish start to the year with 8.1% pre-tax profit growth but we expect 24.3% growth for FY18 as a whole

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