VCB – 9M18 NIM improves; non-interest income surges – Update

• 9M18 net interest and non-interest income rose 26.4% yoy and 43.0% yoy.
• 9M18 pre-tax profit surged 47.2% yoy to come in at 82% of our FY18F forecasts.
• We maintain Add but reduce TP by 7.2% from VND79,500 to VND73,800 due to a higher COE and lower FY19F P/BV target on weaker market sentiment.

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