VCB – The stellar growth has been priced in – Update
- Vietcombank’s (VCB) 9M19 net profit rose by 50.7% yoy to c.VND14,117bn, coming in at 79.4% of our previous full-year forecast.
- On 12 Nov 19, VCB entered into a US$400m exclusive bancassurance tie-up with FWD (Unlisted), which prompts us to upgrade its FY19-21F earnings.
- We maintain our Hold rating with a higher TP of VND92,200.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
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Sector
|
|
VND85,300
|
VND92,200
|
0.94%
|
HOLD
|
BANKS
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