HDB – Update – Raising target price in line with banking sector valuation
Posted: Sep 16, 2025
- 2025 NPAT is estimated at VND 17.420 bn, achieving 103,6% of the full-year business plan, driven by solid 1H25 NPAT growth of 24,3% yoy, completing 47,5% of the annual target.
- Provision expenses in 2025 are expected to increase 64,3% yoy, aimed at bringing the NPL ratio below 2% by year-end and raising the LLR to 63,5%.
- We maintain our ADD recommendation for HDB and revise our target price upward to VND 39.450/share. In addition to strong earnings results and a positive profit growth outlook, the recent rally of the stock market, which has lifted the banking sector’s P/B multiple above 1,5x, also contributes to this adjustment.
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