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VPB – Positioned for re-rating in FY21F – Update

Company Note 03/12/2020    143

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  • We forecast an EPS CAGR of 16% over FY20-22F, driven by strong credit growth and NIM expansion.
  • Reiterate Add with a higher target price of VND35,000, on FY21F P/BV target of 1.4x and lower cost of equity.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND27,700

VND35,000

0%

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FINANCIALS

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