Phân tích Cổ phiếu

Ngày đăng: 26/07/2019

Outlier valuation for well-rounded background

– We forecast 15% income growth for VCB and lower ROEA of 23% in 2019 due to stagnant outlook for the sector. Yet, we strongly believe in the long-term potential of VCB with significantly low LDR and extremely conservative risk management that sustains annual growth rate in the next 5 years averaging at 20% yoy.
– Despite the premium valuation of VCB is justified, thanks to fundamental soundness, underexploited segments and attractiveness to foreign fund flow, it is currently overvalued at P/B approximately 4.0x due to increasing foreign demand. Together with our modest outlook for 2H2019 of VCB, we recommend SELL for VCB at this price.