Published Date: 07/11/2024
- We lower our FY2024 net profit forecasts by 13.2% due to sluggish 9M2024 results. The bank is unlikely to achieve its full year guidance, in our view.
- We expect net profit to grow strongly by 19.2% and 25.4% yoy in FY2025/2026 thanks to NIM’s increase and recovered NoII.
- Downgrade to HOLD with lower target price of VND 27,100 VND/share following a downward adjustment on FY2024-25 earnings forecasts.
