OCB [NOT RATED] - OCB must deliver on NFI to sustain currently high ROE - Listing note
  • 2021-01-25T16:24:23
  • Company Research
OCB is slated to list on HOSE on January 28, 2021, at a reference price of VND22,900/share. OCB is smaller than all of the banks in our coverage universe by asset size with total assets of VND133tn/USD5.7bn vs VND193tn/USD8.3bn for current last-place TPB as of Q3 2020. OCB’s loan book composition is most like HDB because of the high concentration in retail and the smaller end of small to medium-sized enterprises (SMEs), accounting for 33% and 41% of its Q3 2020 loan book, respectively.