Update VCB Hold, 31st Aug 2020
Maintain a HOLD recommendation with a new one-year target price of VND 84,019 per share: 6M2020 profit went flat due to the impact of the Covid-19. NIM decreased due to postponement/reduction of interest and lower CASA. Group 2 loans surged but VCB has already made provisions in advance. Off-balance-sheet debt collection in 1H2020 decreased due to the delay of collateral liquidation and litigation. We expect 2H2020 business results to continue to be flat but growth will return from 2021. We expect 2H2020 business results to continue to be flat but growth will return from 2021. The private placement to increase equity is not really necessary for VCB.
Welcome to ACBS,
Thank you for your interest in the ACBS Client exclusive newsletter, please do not edit the subject and send this email to request the full ACBS newsletter. ACBS will respond to you within 30 minutes of receiving your request.
For any questions, please contact your securities trading account manager at ACBS or online Customer Service Call Center 1900555533 for further assistance.
- Update GAS Hold, 27st Jan 2021 (PDF) - 27-01-2021
- Update PNJ Hold, 26st Jan 2021 (PDF) - 26-01-2021
- Update VHC Hold, 26st Jan 2021 (PDF) - 26-01-2021
- Update VCB Hold, 22st Jan 2021 (PDF) - 22-01-2021
- NVL Update- HOLD December 8, 2020 (PDF) - 08-12-2020
- MWG Update- BUY December 8, 2020 (PDF) - 08-12-2020
- Update NLG Buy November 9th, 2020 (PDF) - 09-11-2020
- PNJ Update- HOLD November 6, 2020 (PDF) - 09-11-2020
- IMP Initial Coverage-BUY October 23, 2020 (PDF) - 23-10-2020
- Update SCS Buy Oct 23, 2020 (PDF) - 22-10-2020
- Update TCB – BUY September 18, 2020 (PDF) - 15-10-2020
- PC1 INITIATION - HOLD, SEP 22nd, 2020 (PDF) - 22-09-2020