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TCB – 1Q20: Solid performance, better asset quality – Update

Company Note 21/05/2020    180

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  • Techcombank’s (TCB) 1Q20 net profit rose 17.9% yoy to VND2,456bn, slightly below at 22.8% of our FY20F forecast.
  • We cut FY20-22F EPS by 0.3-5.4% on lower loan growth and NIM forecasts.
  • We reiterate our Add call with a TP of VND27,400.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND21,050

VND27,400

0%

ADD

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