VPB – Loan growth recovered strongly in 4Q18 – Update
- Total operating income rose 24.2% yoy in FY18 but pretax profit grew by only 13.1% yoy due to a significant increase in provisioning.
- FY18 net profit reached VND7,356bn (+14.2% yoy), below expectations at 89.0% of our forecast.
- We lower our target price but maintain Add as we believe the recent headwinds are now fully priced-in.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND21,250
|
VND26,100
|
0.00%
|
ADD
|
BANKS
|
Please follow this link for the full report
You Might Be Interested
Company Note
3
1Q22 revenue and net profit grew robustly of VND10,143bn (+46.6% yoy) and NP of VND721bn(+40.5% yoy), fulfilling 44.6% of our FY22F forecast. We expect net profit to accelerate 60.5%/24.1% yoy in FY22/23F. Reiterate ADD with TP of VND131,100. Market Price…
Company Note
17
1Q22 net profit (NP) grew 49.5% yoy to VND216bn, higher than that of 30% yoy of 1Q21, coming in at 23% of our full-year forecast. We expect current high oil price environment to set the stage for PVS in negotiating…
Company Note
24
1Q22 revenue and net profit grew modestly 12.9% yoy and 8.8% yoy, respectively, below our full year forecasts. We revise down FY22F/23F net profit forecast by 6.9%/16.9% due to lower-than-our-expectation 1Q22 results. We reiterate ADD but revise TP down to…