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VPB – Slowing loan growth and rising NPLs – Update

Company Note 05/11/2018    133

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  • VPB is dealing with double blows of slowing loan growth and rising bad debt.
  • 9M18 pre-tax profit was below expectations at VND6,125bn (+8.7% yoy), making up 57% of the bank’s FY18 target and 59% of our full-year forecast.
  • We will revisit our forecasts but our rating and TP are unchanged for now.

Market Price

Target Price

Dividend Yield

Rating

Sector

VND21,000

VND32,500

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