VCB – Save for a rainy day – Earnings Flash
- 1Q20 net profit fell 11.2% yoy on surging provision expenses. VCB ramped up its provision buffer in light of possible hike in bad debts.
- 1Q20 net profit came in at 19.7% of our full-year forecast. We keep our FY20 forecasts as we see stronger quarters ahead.
- Maintain Add as VCB is trading below its 5-year average P/BV while having the best recovery outlook among stocks under our coverage
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Market Price
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Target Price
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Dividend Yield
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Rating
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Sector
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VND69,300
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VND86,200
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0.86%
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ADD
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BANKS
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