TCB – Update – Modest 1Q2025 earnings growth
Posted: May 12, 2025
- Decelerated profit growth in 1Q2025 signed challenges in the upcoming quarters.
- We maintain ADD recommendation for TCB, with a new target price of VND 31,800 VND/share. Though we reduce our forecasts of net profit in 2025F/2026F, higher P/B target coupled with abundant BVPS accumulated by the end of 2025F compensate it.
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