STB [BUY +31.2%] - VAMC Collateral Sale to Boost CAR Ratio in 2025F; Attractive Valuation - Update
We increase our target price (TP) for STB by 17.5% to VND43,700/share and maintain our BUY rating. Our higher TP is due to (1) the positive impact...
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Sacombank (STB) - Delaying Income from Phong Phu Debt Sale to 2025
Our lower TP is due to a 0.9% decrease in our aggregate 2024-2028F projected NPAT (- 3.1%/+12.9%/-4.8%/-2.6%/-4.1% in 2024/25/26/27/28F,...
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Banking Sector - 9M24 Update and Outlook - Letting the Recovery Simmer
Credit growth in 3Q24 remained steady: According to the State Bank of Vietnam (SBV), credit growth reached approximately 9% YTD as of end-3Q24,...
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Q3 2024 Banking Earnings Wrap-Up - Resilient Earnings Growth Despite NIM Contraction
Though QoQ credit growth slowed down in Q3 2024, 9M system-wide credit growth of 9% was encouraging. Banks under our coverage reported higher...
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Banking Sector - 1H24 Update and Outlook - So far, so good
According to the State Bank of Vietnam (SBV), as of June 30, credit growth reached 6% YTD, achieving the mid-year target of 5–6% for 1H24 set by...
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