- 2023-08-24T00:00:00
- Company Research
- We downgrade our rating for VPB from BUY to OUTPERFORM and decrease our target price (TP) by 2.1% to VND23,500/share mainly due to a 7.2% decrease in our aggregate 2023-2027F NPAT-MI (respective decreases of 4.5%/11.2%/11.5%/5.6%/4.6% in 2023/24/25/26/27F). Additionally, we base our TP on estimated fair value per diluted share instead of outstanding shares as previously, which partly counteracts the negative impact of the cuts to our earnings forecasts as it incorporates the premium value from selling a 15% stake to strategic partner, ¬Sumitomo Mitsui Banking Corporation (SMBC), in 2023.
- In H2 2023, we expect VPB to pay a cash dividend as approved by the AGM after many years of not doing so. This cash dividend will be VND1,000/share, which is equivalent to a dividend yield of 4.9% based on the latest closing price.
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