VCB – 3Q20 weaker than expected but solid nonetheless – Update

• 3Q20 net profit dropped 21% yoy to VND3,991bn due to a 35% yoy surge in provision expenses.
• 9M20 net profit edged down 9.5% yoy to VND12,779bn, forming only 60% of our full-year forecast.
• Reiterate Hold, with a higher TP of VND89,200 as we roll forward our P/BV valuation to FY21F.

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