External broker reports(aggregated public sources), Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

<ul><li>We increase our target price (TP) by 4% to VND29,000/share, but downgrade our rating for HDB from BUY to OUTPERFORM as the share price has increased 17% in the last three months.</li><li>Our higher TP is mainly due to a 4% increase in our aggregate 2024-2028F NPAT-MI (1%/ -1%/2%/2%/6% for 2024/25/26/27/28F, respectively).</li><li>We slightly increase 2024F NPAT-MI by 1% to VND12.4tn (USD498mn; +24% YoY) primarily due to (1) a 2% increase in NII with our higher NIM forecast and (2) a 14% decrease in provision expenses that outweigh (3) our 20% cut in NOII amid the weak performance in H1 2024.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We increase our target price (TP) by 4% to VND29,000/share, but downgrade our rating for HDB from BUY to OUTPERFORM as the share price has increased 17% in the last three months.Our higher TP is mainly due to a 4% increase in our aggregate 2024-2028F NPAT-MI (1%/ -1%/2%/2%/6% for 2024/25/26/27/28F, respectively).We slightly increase 2024F NPAT-MI by 1% to VND12.4tn (USD498mn; +24% YoY) primarily due to (1) a 2% increase in NII with our higher NIM forecast and (2) a 14% decrease in provision expenses that outweigh (3) our 20% cut in NOII amid the weak performance in H1 2024.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HDBank (HDB VN) - Strong NII Growth to Outweigh Pressure on Credit Costs