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MBB – Earnings Update – 20180207

Company Note 07/02/2018    138

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  • FY17 earnings were lower than our expectations, as MBB ramped up provisioning in 4Q. We are positive on MBB’s medium-term outlook because the bank completed provisioning for VAMC bonds one year earlier than planned, which might help its FY18 profit exceed our previous forecast. We will revisit our projections and update our target price in the coming weeks.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND29,200

VND27,700

2.05%

HOLD

FINANCIALS

 

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