LPB – Update – 20180827
- 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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