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

• 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.

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