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MBB – Robust overall growth – Update

Company Note 05/12/2019    112

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  • 9M19 net profit rose 27.9% yoy to VND6,142bn driven by strong growth in all segments and was above at 82.1% of our previous full-year forecast.
  • Stellar PPOP growth of 36% yoy in 9M19 was underpinned by NIM expansion and CIR improvement.
  • We maintain our Add rating with a higher TP of VND34,300.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND22,200

VND34,300

2.7%

ADD

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