ACB – Update – Valuation turning attractive
Posted: Nov 3, 2025
- Although FY2025 profit before tax is projected to reach only 93% of the annual target, we believe NIM will bottom out in 2H25, paving the way for profit growth in 2026.
- Asset quality remains superior to the sector average, with NPL below 1.25%, helping ACB maintain a leading position in credit cost control.
- We upgrade our recommendation to ADD, raising our target P/B to 1.6x. Given ACB’s outstanding ROE and asset quality, we believe the stock deserves a higher multiple than the current sector average (1.5x).
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