Give us your feedback

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

Company Note 23/10/2020    238

Share

  • 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.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND87,500

VND89,200

0.91%

ADD

BANKS

Please follow this link for the full report

DMCA.com Protection Status