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TCB – Sharp fall in share price suggests an entry point – Initiation

Company Note 25/06/2019    229

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  • TCB’s ecosystem banking model gives it a competitive advantage over other banks in Vietnam, in our opinion.
  • We expect its strong individual loan growth and rising CASA ratio to improve FY19-21F NIM.
  • We forecast a solid net profit CAGR of 16.7% over FY19-21F.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND20,900

VND27,400

0.00%

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