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MBB – Strong in all facets – Earnings Flash

Company Note 25/01/2019    217

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  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND21,200

VND31,100

2.7%

ADD

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