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VIB – A small-scale retail bank, VIB has grown aggressively in the last two years, driven by both interest income and fee income – Update

Company Note 04/09/2019    1079

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  • Rising retail lending exposure bolstered earnings growth.
  • VIB is active in product innovation and technology development.
  • Mobilisation and asset quality need improvement.
  • We project a net profit CAGR of 21.0% in FY19-21F.
  • We have an ADD rating on VIB with a target price of VND21,200.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND17,600

VND21,200

2.8%

ADD

FINANCIALS

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