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MBB – Strong 1H19 results as expected – Earnings Flash

Company Note 23/07/2019    142

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  • Strong growth momentum continued but more bad debt raised credit cost.
  • In 2Q19, net profit rose 34.0% yoy and 3.4% qoq while loan growth slowed (+11.3% at end-2Q19 vs. 6.7% at end-1Q19).
  • MBB’s 6M19 net profit (+29.3% yoy) was in line at 51.8% of our FY19F forecast. We maintain our Add call with a TP of VND34,000.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND22,200

VND34,000

2.82%

ADD

BANKS

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