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,

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