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VCB – Well-positioned to navigate short-term headwinds – Update

Company Note 17/03/2020    133

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  • Resilient performance in FY19, but Covid-19 creates headwinds in FY20F.
  • VCB’s share price fell below its sustainable valuation on gloomy sentiments.
  • We upgrade VCB to Add on price weakness, but TP is cut to VND86,200.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND67,100

VND86,200

1.19%

ADD

BANKS

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