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LPB – Update – 20180827

Company Note 27/08/2018    143

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  • First half 2018 performance dealt double blows of higher funding costs and a fall in LDR on the back of retail network expansion.
  • 1H18 results were disappointing as network expansion increased costs but has yet to reap earnings
  • NII plummeted due to NIM compression (-44bp yoy). Non-II posted bigger loss than the same period last year
  • FY18F guidance lowered as the State Bank of Vietnam (SBV) tightens credit growth.
  • We lower our target price from VND19,000 to VND13,500, but maintain ADD rating,

Market Price

Target Price

Dividend Yield

Rating

Sector

VND9,400

VND13,500

7.4%

ADD

FINANCIALS

 

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