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.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND21,050
|
VND27,400
|
0%
|
ADD
|
BANKS
|
Please follow this link for the full report
You Might Be Interested
Company Note
14
VHC’s 1Q22 net revenue/net profit surged 82.7%/318.3% yoy, fulfilling 29%/39% of our full-year forecasts, respectively. We expect FY22F revenue/NP to grow robustly 52.8%/77.9% yoy, riding on strong export demand and expanding gross margin. Upgrade to Add with a higher TP…
Company Note
15
ACV posted VND701bn in 1Q22 net profit (+2.5% yoy), marking the first quarter of core business returning to positive growth since FY20. We lower FY22-24F EPS by 14.1%-7.0% following the longer-than-previous expectation of China’s zero covid strategy. Reiterate Add with…
Company Note
15
1Q22 net profit (NP) plunged by 99.8% yoy to VND0.6bn due to lack of one-off income, making up only 0.05% of our full-year forecast. We project FY22F earnings up 19.4% yoy to VND1,259bn driven by one-off gains and strong property…