TPB – Pre-listing note – 20180416

• TP Bank (TPB) received approval to list 555 million shares on the HOSE on 19 April 2018, at a listing price of VND32,000/share. TPB is a smallish retail bank with a vision to become the leading digital bank in Vietnam. The listing price corresponds to a FY18 forward P/B of 2.0x, which still offers some upside in our view.
• There is some upside for TPB at the listing price. At the listing price of VND32,000/share, TPB’s FY18 forward P/B works out to 2.0x, lower than the peer average P/B of 2.1x. We believe TPB deserves to trade in line with peers due to good asset quality and a high profit growth outlook.

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