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MBB – Update – 20180227

Company Note 27/02/2018    161

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  • A plunge in FY18 provision expense will boost earnings growth. NIM expansion will continue in FY18 but at a slower pace than in FY17. MBB is looking to push fee income through bancassurance and internet/mobile banking. High loan growth to be supported by sufficient capital and funding.
  • We reiterate our ADD recommendation for MBB and raise our target price by 39.4% to VND38,600 due to: 1) a lowering of forecasted
    provision expenses in FY18 and 2) an increase in the fee income growth forecast for the year. Valuation looks cheap relative to peers.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND32,800

VND38,600

1.83%

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FINANCIALS

 

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