TCB – 1H20: Strong earnings, asset quality – Update
- Techcombank’s (TCB) 1H20 net profit rose 17.4% yoy to c.VND5,273bn on robust topline growth; 1H20 net profit formed 49.2% of our full-year forecast.
- Aggressive provisioning brought NPL ratio down to 0.9% at end-1H20, its lowest level ever, while loan loss coverage was steady at 108.6%.
- Reiterate Add with an unchanged TP of VND27,400.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND19,400
|
VND27,400
|
0%
|
ADD
|
BANKS
|
Please follow this link for the full report
You Might Be Interested
Company Note
39
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
33
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
26
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…
VI
EN
JA
ZH
