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VCB – Solid growth with limited downside risks – Update

Company Note 29/07/2019    236

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  • 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

Target Price

Dividend Yield

Rating

Sector

VND78,500

VND83,200

1.02%

HOLD

BANKS

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