Equity Analysis /

Vietcombank: VIETCOMBANK: Q2 18 – A small beat, but still Sell on valuation

    Tellimer Research
    27 July 2018
    Published byTellimer Research
    Reported Q2 net profit rose by 45% yoy to VND2.9tn, 6% ahead of our forecast (VND2.7tn). The beat mostly came from better revenues, which more than offset higher operating expenses and risk costs. We have raised our 2018f EPS forecast by 3% following the Q2 numbers, but keep 2019-22f broadly unchanged. Our TP remains VND42,100.