MBB – Robust growth will be sustained through 2018 – Update
- 9M18 pre-tax profit reached VND6,015bn (+50.3% yoy), fulfilling 88% of the bank’s full-year target and 78% of our full year forecast.
- MBB currently trades at a FY18F P/BV of 1.4x, a 33.9% discount to regional peer average despite a higher ROE and better earnings growth outlook.
- We reiterate Add rating but lower our TP by 6.9% due to a higher COE.
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
VND20,800
|
VND31,100
|
2.88%
|
ADD
|
FINANCIALS
|
Please follow this link for the full report
You Might Be Interested
Company Note
30
MWG plans for FY24 revenue and net profit of VND125tn/VND2.4tn, respectively, increases of 6% yoy and 14 times compared to FY23. According to management, BHX will begin to record profit in 1Q24 and targets to reach net profit of VND1tn-VND2tn…
Company Note
29
We maintain our Hold rating with 11.9% upside and a 0.0% dividend yield. We increase our TP by 11.0% while the stock price has increased 5.6% since our last report. The main drivers of our recommendation are the decline in…
Company Note
21
We maintain our ADD rating with 50.2% upside. We decrease our TP by 22.3% while the share price has increased 8.5% since our last report. The main driver of our TP change is that we apply a 40% discount rate…