MBB [MARKET PERFORM +2.6%] - Credit growth to accelerate on number of new initiatives - Update
  • 2021-06-07T21:50:25
  • Company Research
We raise our target price (TP) by 39% to VND 40,800/share but maintain our MARKET PERFORM rating as MBB’s share price has increased ~47% over the last three months. Our TP implies a 2021F P/B of 1.72x.We increase our TP as we (1) raise our aggregate net income forecast for 2021-2025 by 12% relative to our previous forecast, (2) increase our target P/B to 1.8x vs 1.3x previously, (3) incorporate a 50-bp decrease in our in-house cost of equity to 12.5% from 13% previously and (4) roll over our TP