- We maintain our BUY rating and target price (TP) of VND24,500/share for VPB. 

- The positive impact of a 9% increase in our aggregate 2024-2028F NPAT-MI (respective changes of +6%/18%/9%/9%/6% in 2024/25/26/27/28F) is offset by reducing our target P/B to 1.3x vs 1.4x previously due to slower-than-expected asset quality improvement with a low LLR indicating prolonged pressure on credit costs.

- We increase our 2024F NPAT-MI forecast by 6.1% to VND14.2tn (USD558mn; +41% YoY), driven by (1) a 14% decrease in OPEX that outweighs (2) a 5% increase in provision expenses. VPB guides for strong 2024G PBT growth of 114% YoY vs our 2024F forecast of 65% YoY.

Powered by Froala Editor