Published Date: 24/03/2025
- Slowed down provisioning and stronger growth of Non-II in 2025F accelerated earnings growth.
- Although provision expenses is not likely to increase much in 2025F/2026F, asset quality is expected to improve thanks to accelerating bad debt collection.
- We recommend ADD for CTG with new target price of 52,100 VND/share driven by adjusting up P/B target to 1.5x thanks to positive outlook in the next 2 years.
