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.

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