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VCB – The stellar growth has been priced in – Update

Company Note 18/12/2019    221

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  • 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

Sector

VND85,300

VND92,200

0.94%

HOLD

BANKS

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