Property Devt & Invt Industry: Shining north, dimming south – Update

• In FY21, the bank sets targets of VND7,510bn (+29.4% yoy) in terms of profit before tax and 31.0% credit growth.
• We expect EPS to grow 18.9% CAGR over FY21-23F on a higher NII growth boosted by retail lending expansion, improved CIR, and credit cost.
• We reiterate Hold with a 1-year TP of VND45,300.

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