Equity Analysis /
Vietnam

BID Vietnam: Bank for Investment and Development of Vietnam: Aggressive NPL clean-up underpins strong Q1 core profitability; upgrade to Buy

    Tellimer Research
    4 May 2018
    Published byTellimer Research
    After the 27% share price decline over the past month, at 31% ETR, we think the current valuation (2.2x 2018f PB) is reasonable for Vietnam’s leading banking franchise (12% market share by total assets). Upsides include stronger revenue generation, improved efficiency, positive progress on asset quality and the search for foreign strategic investors.