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.
|
Market Price
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Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND23,900
|
VND25,000
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0%
|
HOLD
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BANKS
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