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VCB – Strong earnings beat expectations – Update

Company Note 22/02/2019    247

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  • FY18 net profit was VND14,642bn (+61.1% yoy), 22% above our forecast.
  • Robust net profit growth was driven by strong core earnings growth, well-controlled operating expenses and one-off income from equity divestment.
  • We reiterate Add on VCB but maintain our TP at VND73,800 despite the company beating our earnings expectation as we use a lower target multiple.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND60,100

VND73,800

1.33%

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