- We maintain our target price (TP) for TPB at VND31,300/share as well as our BUY rating. 

- We decrease our projection for aggregate 2023-2027F NPAT by 0.4% (2023/24/25/26/27F +6.2%/+11.8%/-3.3%/-2.3%/-5.7%, respectively), which is offset by the positive impact of rolling our TP horizon forward to mid-2024F. 

- We increase our 2023F NPAT to VND6.9tn (USD292.9mn; +9.9% YoY), which is driven by a 21.5% decrease in our 2023F provision expenses projection due to the impact of Circular 02 despite our 2023F NPL ratio assumption edging up to 1.38%. This outweighs reductions in our NII and NOII projections of 1.1% and 2.3%, respectively.

Powered by Froala Editor