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
37
VCB set FY22F guidance of 15% yoy in credit growth and VND30,675bn (+12% yoy) in pre-tax profit. We forecast higher-than-guidance pre-tax profit growth of 21% yoy over FY22-23F, following lower provisioning expenses. Reiterate Add rating with a higher TP of…
Company Note
64
For 4M22, MWG posted revenue of VND47,908bn (+34% yoy) and net profit of VND1,891bn (+8% yoy), fulfilling 28% our full year forecast. We expect BHX’s store sales to grow strongly in 2H22F, at 30% vs 1H22F after all BHX stores…
Company Note
34
We lowered FY22-24F EPS by 6.7%-13.3% on higher input material prices. Current valuation (5.4x P/E 2022) is cheap but lacking near-term catalyst. Reiterate Add with a lower TP of VND57,800. Market Price Target Price Dividend Yield Rating Sector VND34,000 VND57,800…
VI
EN
JA
ZH
