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MBB – AGM 2020: Key takeaways – AGM NOTE

Company Note 24/06/2020    284

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  • MBB guides for a 10% yoy decline in FY20F pretax profit; but in the best case scenario, profit growth could remain flat in FY20F.
  • Digitalisation will be prioritised over physical network expansion to improve cost-to-income ratio from 37.3% in FY19 to 35.5-36.5% in FY20F.
  • Reiterate Add and TP of VND26,200

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Target Price

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VND17,550

VND26,200

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