Ngày đăng: 17/07/2019
Better-than-expected earnings
- Earnings in 1H2019 grew by 14% yoy to VND 3,600 bn, better than 1Q2019 of 5.7% yoy. Yet our view that earnings peaked in 2018 is maintained due to lower incremental credit growth from 11.8% in 1H2018 to 9% in 1H2019.
- However, thanks to credit extension approval leading to higher income growth, asset compliance to Basel II and projected share dividend of 30% in mid-August 2019 under stable share price base, we upgrade our HOLD recommendation to BUY and increase target price from VND33,600 to VND 34,700 bn (+17.1% upside) to capture better earings in 2H2019.
