MBB – 1H18: Robust earnings growth across all segments – Update
- MBB’s 1H18 pretax profit grew 51.7% yoy to reach VND3,829bn, fulfilling 56% of the bank’s FY18F target and 50% of our FY18F forecast.
- 1H18 net profit is in line with our expectations, at 53% of our FY18F estimate.
- Our target price is adjusted down to VND33,400 and FY18-20F EPS lowered by 16% in response to the 1-for-0.19 stock dividends and bonus shares paid in Jul 2018.
- MBB’s stellar earnings performance in 1H18 reaffirms our Add rating.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND22,000
|
VND33,400
|
2.73%
|
ADD
|
FINANCIALS
|
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