VCB – Solid growth with limited downside risks – Update
- VCB’s 1H19 net profit surged 41.0% yoy on higher NIM and modest rise in expenses. 1H19 net profit was above at 55.9% of our full-year forecast.
- VCB’s 2Q19 net profit rose 49.0% yoy but fell 7.4% qoq as loan growth slowed and the bank increased provisioning in 2Q19.
- We maintain our Hold rating but increase our TP by 12.7% to VND83,200.
|
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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VND78,500
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VND83,200
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1.02%
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HOLD
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BANKS
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