VPB – Loan growth recovered strongly in 4Q18 – Update
- Total operating income rose 24.2% yoy in FY18 but pretax profit grew by only 13.1% yoy due to a significant increase in provisioning.
- FY18 net profit reached VND7,356bn (+14.2% yoy), below expectations at 89.0% of our forecast.
- We lower our target price but maintain Add as we believe the recent headwinds are now fully priced-in.
|
Market Price
|
Target Price
|
Dividend Yield
|
Rating
|
Sector
|
|
VND21,250
|
VND26,100
|
0.00%
|
ADD
|
BANKS
|
Please follow this link for the full report
You Might Be Interested
Company Note
71
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
46
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
52
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
