MBB – Strong 1H19 results as expected – Earnings Flash
- 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
|
Please follow this link for the full report
You Might Be Interested
Company Note
8
1Q23 net profit (NP) declined by 12.5% yoy to VND1.2tr, fulfilling 26% of our full-year forecast. Given solid 1Q23 results, we maintain our FY23-24F earnings forecasts at VND4.9tr/5.6tr, respectively, which imply solid earnings growth of 8%/16% from high base in…
Company Note
15
1Q23 net profit dropped by 84.4% yoy, fulfilling only 2.3% of our full-year forecast due to land clearance delay. We expect NP to grow at 30.3% FY23-24F CAGR thanks to better-than-expected perfomance of industrial property and larger and larger contribution…
Company Note
19
1Q23 net profit (NP) was almost flat yoy to VND215bn, fulfilling 21.5% of our full-year forecast. PDP8 highlights the priority in developing domestic gas-fired power and offshore wind power, implying the huge potential backlog for the leading offshore facilities contractor…
VI
EN
JA
ZH
