VPB – 2018 key takeaways – Update

• VPB is targeting a 33% pretax profit growth in FY18.
• Plans to raise capital by 76.9% in 2018; possible dilution creates potential downside risks to our valuation.
• We raise our pretax profit forecast by 16.0% for FY18F and lift our target price by 28.3%. Maintain Hold.

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