VCB – 1HFY20 earnings slip on heavy provisioning – Update
- VCB’s 2QFY20 net profit grew 5.7% yoy and 10.3% qoq thanks to efficient cost management.
- 1HFY20 net profit slipped 3.1% yoy on surging provision expenses, forming 41.5% of our FY20F forecast which we deem in-line with our expectations.
- We reiterate our Hold rating with an unchanged TP of VND86,200.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND77,000
|
VND86,200
|
1.04%
|
HOLD
|
BANKS
|
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