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VIB – Priced almost to perfection – Update

Company Note 01/04/2021    530

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  • In FY21, the bank sets targets of VND7,510bn (+29.4% yoy) in terms of profit before tax and 31.0% credit growth.
  • We expect EPS to grow 18.9% CAGR over FY21-23F on a higher NII growth boosted by retail lending expansion, improved CIR, and credit cost.
  • We reiterate Hold with a 1-year TP of VND45,300.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND48,400

VND45,300

0.00%

HOLD

FINANCIALS

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