VPB – Asset protection over profit – Update

• VPB posted robust net profit growth (+62.7% yoy) in 1Q20 amid headwinds from the pandemic, thanks to stricter cost control and risk management.
• 1Q20 net profit of VND2,314bn was below at 23.0% of our FY20F forecast.
• Hence, we downgrade VPB from Add to Hold with a lower TP of VND25,000.

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