VCB [MARKET PERFORM +2.4%] - Lending rate concessions continues to dent profitability - Update
  • 2021-08-13T00:00:00
  • Company Research

We trim our target price (TP) by 7.1% to VND101,200/share and maintain our MARKET PERFORM rating for VCB. Our lower TP is mainly due to lower valuations produced by both the residual income method and target P/B method that are driven by a 7.7% aggregate decrease in our NPAT-MI forecasts for 2021-2025F.


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