Stellar 1Q18 performance; upgrade to Add

• VCB reported that its 1Q18 pre-tax profit grew 59.3% yoy to come in 22% above our expectations.
• We upgrade our rating to Add from Hold given VCB’s solid asset quality and strong earnings growth outlook.
• Following the recent share price declines, VCB’s valuation is attractive and we think this is a good opportunity for investors to buy into a best-in-class Vietnamese bank.

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