LPB – Update – 20190314
- A rise in funding costs and higher provision expense on the back of soaring bad debt hampered net profit growth in FY18.
- Loss in non-interest income (Non-II) widened from -VND124bn in FY17 to –VND141bn in FY18,
- Operating expense (opex) ticked up 8.4% yoy and provision expense increased 18.5% yoy as bad debt spiked.
- Target price reduced from VND12,900 to VND12,200 due to lower profit forecast for FY19F.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND9,400
|
VND12,200
|
10.6%
|
ADD
|
FINANCIALS
|
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