Stellar 1Q18 performance; upgrade to Add
Company Note 11/05/2018 346
- VCB reported that its 1Q18 pre-tax profit grew 59.3% yoy to come in 22% above our expectations.
- We upgrade our rating to Add from Hold given VCB’s solid asset quality and strong earnings growth outlook.
- Following the recent share price declines, VCB’s valuation is attractive and we think this is a good opportunity for investors to buy into a best-in-class Vietnamese bank.
Market Price |
Target Price |
Dividend Yield |
Rating |
Sector |
VND56,500 |
VND79,500 |
1.42% |
ADD |
FINANCIALS |
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