VIB [MARKET PERFORM -6.9%] - VIB's stellar run expected to face stiffer competition in '21 - Update
  • 2020-11-30T21:31:39
  • Company Research
We raise our target price (TP) by 25.4% to VND25,700/share but maintain a MARKET PERFORM rating as VIB’s share price has risen 49.7% over the past three months. Our higher TP is driven by 1) a decrease in our in-house cost of equity and the positive effect of rolling over our TP to end-2021, 2) a 12.5% average increase in our NPAT-MI forecasts for 2021-23F and 3) applying a higher target forward P/B of 1.25x vs 1.19x previously.