Published Date: 11/02/2025
- TPB’s net profit reached 6,074VNDbn (+36.1% yoy) in 2024, fulfilling 104% guidance in FY24 and 103% vs. our forecast.
- We forecast that TPB’s NPL ratio will reach 1.44% in 2025 (-7 bps yoy) thanks to a warming economy and a recovery in production and business activities.
- Reiterate to ADD with higher TP of 20,600VND/share.
