- We maintain our BUY rating and target price (TP) of VND110,000/share for VCB. Our aggregate 2024-2028F NPAT-MI forecast is almost unchanged (-0.8%/-0.6%/0.8%/1.1%/-1.0% for 2024/25/26/27/28F, respectively).

- We slightly decrease our 2024F NPAT-MI by 0.8% to VND36.2tn (USD1.4bn; +9.7% YoY) primarily due to (1) our 15.7% cut in NOII reflecting the weak performance in H1 2024 that outweighs (2) a 1% increase in NII with our slightly higher NIM forecast, (3) a 4.1% decrease in provision expenses, and (4) a 6.5% decrease in OPEX.

- We have postponed our projected timeline for a 363.3-million-share issuance via private placement from the end of 2024 to mid-2025. However, we maintain our assumption for the price of the private placement at VND100,000/share, implying expected total proceeds of VND36.3tn (USD1.5bn).

Powered by Froala Editor