Báo cáo phân tích cổ phiếu MBB - Ngân hàng Thương mại Cổ phần Quân đội (bản tiếng Anh)

Ngày đăng: 06/03/2019

A profitable outlook of prudence

- We forecast strong core earnings coming from unique funding advantages, diversified non-interest incomes and sound asset quality. Under tech-savvy environment, digital initiatives will support MBB’s push on fees and services in retail segment.

- We believe that only banks with prudent risk management like MBB can maintain ROE sustainably at 25% and profit growth at 31% yoy with high provision rate in the current scenario of credit deceleration of the whole banking system together with neutral non-performing loan resolution in 2019.

- On the basis that digital initiatives, unlocking FOL and introduction of new strategic partner are successfully carried out, we recommend BUY to capture the long-term potential of MB Group.