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VPB – Loan growth recovered strongly in 4Q18 – Update

Company Note 15/02/2019    169

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  • 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

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