- We increase our target price (TP) for TPB by 10.7% to VND21,700/share and maintain our OUTPERFORM rating. Our higher TP is mainly driven by (1) a 1.9% aggregate increase in our projection for 2024-2028F NPAT, and (2) our increase in TPB’s target P/B to 1.20x from 1.10x. Our TP implies a 2024F P/B of 1.24x.

- We raise aggregate 2024-2028F NPAT forecast by 1.9% (-2.6%/0.0%/+0.5%/+1.3%/+10.3% for 2024/25/26/27/28F, respectively) mainly due to stronger-than-expected credit growth in 2023, which increased our 2024-2028F aggregate credit balance by 7.1% vs our previous forecast, resulting in a 13.3% increase in aggregate NII. These factors outweigh (1) a 16.1% aggregate decrease in forecasted NOII and (2) a 9.3% aggregate increase in OPEX.

Powered by Froala Editor