MBB – 1H18: Robust earnings growth across all segments – Update

• MBB’s 1H18 pretax profit grew 51.7% yoy to reach VND3,829bn, fulfilling 56% of the bank’s FY18F target and 50% of our FY18F forecast.
• 1H18 net profit is in line with our expectations, at 53% of our FY18F estimate.
• Our target price is adjusted down to VND33,400 and FY18-20F EPS lowered by 16% in response to the 1-for-0.19 stock dividends and bonus shares paid in Jul 2018.
• MBB’s stellar earnings performance in 1H18 reaffirms our Add rating.

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