MBB – Strong in all facets – Earnings Flash
- FY18 pre-tax profit of VND7,767bn (+68.3% yoy) overshot company target by 14%, and accounted for 99% of our forecast.
- Robust net profit growth was driven by strong core earnings growth and a fall in provision expense as we had expected.
- Superb performance in FY18 prompts us to reiterate our Add rating on MBB. We maintain our forecasts for now.
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND21,200
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VND31,100
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2.7%
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ADD
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BANKS
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