External broker reports(aggregated public sources), Vietcap

Vietcap

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External broker reports(aggregated public sources)

Equity Bottom-Up

Vietnam Prosperity  Bank / Equity Bottom-Up

<ul><li style="text-align: justify;">We maintain our BUY rating and target price (TP) of VND24,500/share for VPB.</li><li style="text-align: justify;">The positive impact of a 9% increase in our aggregate 2024-2028F NPAT-MI (respective changes of +6%/18%/9%/9%/6% in 2024/25/26/27/28F) is offset by reducing our target P/B to 1.3x vs 1.4x previously due to slower-than-expected asset quality improvement with a low LLR indicating prolonged pressure on credit costs.</li><li style="text-align: justify;">We increase our 2024F NPAT-MI forecast by 6.1% to VND14.2tn (USD558mn; +41% YoY), driven by (1) a 14% decrease in OPEX that outweighs (2) a 5% increase in provision expenses.</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 maintain our BUY rating and target price (TP) of VND24,500/share for VPB.The positive impact of a 9% increase in our aggregate 2024-2028F NPAT-MI (respective changes of +6%/18%/9%/9%/6% in 2024/25/26/27/28F) is offset by reducing our target P/B to 1.3x vs 1.4x previously due to slower-than-expected asset quality improvement with a low LLR indicating prolonged pressure on credit costs.We increase our 2024F NPAT-MI forecast by 6.1% to VND14.2tn (USD558mn; +41% YoY), driven by (1) a 14% decrease in OPEX that outweighs (2) a 5% increase in provision expenses.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.

VPB [BUY +36.0%] - NIM rebound, TOI growth to drive earnings - Update