Anh Nguyen

Rong Viet

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Anh Nguyen
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VPBank: 9M 20 growth led by parent bank

VPB achieved a 30% PBT yoy growth in 9M 20 (+15% normalised), with mostly flat yoy earnings in Q3 upon downside impact from the coronavirus. This is pretty much in line with expectations, though. Along with a NIM cut, we estimate that this might flat...
Rong Viet Anh
Anh Nguyen @ Rong Viet 29 October 2020

Vietnam banks: Service income temporarily hampered; long-term potential intact

During H1 20, many listed banks witnessed weak performance of service income growth, which stayed at only 9.9% yoy (much lower than 42.1% in H1 19). Fee income structure can also be diversified with other activities such as bank guarantee, bond servi...
Rong Viet Anh
Anh Nguyen @ Rong Viet 9 September 2020

Ho Chi Minh City Development Bank: H1 20 – Growth predominantly led by NII; asset quality remains manageable

For 2020, we expect net interest income growth to remain strong with positive momentum in both credit and NIM, but service income will remain modest at least until the exclusive bancassurance agreement is finalised. Our target price on the latest res...
Rong Viet Anh
Anh Nguyen @ Rong Viet 11 August 2020

Asia Commercial Bank: H1 20 – Modest earnings growth

It seems that ACB only achieved a modest earnings growth in H1 20 because of (1) lower NII growth due to a small NIM compression, and (2) provision booking escalation, which off-set service income expansion. Overall, ACB secured a 14% yoy increase in...
Rong Viet Anh
Anh Nguyen @ Rong Viet 31 July 2020

Military Commercial: 2020 AGM update and outlook

MBB is likely to be under pressure as the plan of restructuring bank loans and MCredit coincides with the Covid-19 crisis, which hurts the consolidated bank’s near-term outlook. We found that MCredit was the main culprit for the failure to meet the t...
Rong Viet Anh
Anh Nguyen @ Rong Viet 2 July 2020

Ho Chi Minh City Development Bank: Pressured by Covid-19, but outlook remains constructive; raise TP

Currently, HDB’s income growth is still primarily driven by net interest income, while other income streams remains limited, especially under unfavourable economic conditions. We recommend to Accumulate the stock. The parent bank’s credit expanded by...
Rong Viet Anh
Anh Nguyen @ Rong Viet 17 June 2020

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