- 2023-02-20T00:00:00
- Company Research
- We decrease our target price (TP) for MBB by 1.1% to VND27,000/share but maintain our BUY rating.
- Our lower TP is mainly due to increasing our cost of equity from 15.6% to 15.75% as a result of raising our beta, which outweighs (3) a 3.5% aggregate increase in our projected 2023-2027F NPAT-MI.
- We increase our 2023F net income by 1.7% to VND20.0tn (USD846mn; +9.9% YoY) vs our previous forecast mainly due to a 6.3% increase in NII, which is driven by our higher forecast for credit growth of 22.3% vs previously 20.9%.
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