- We raise our target price (TP) for ACB by 7.6% to VND33,800/share and maintain a BUY rating.
- Our higher TP is mainly due to (1) a 7.1% increase in our aggregate 2024-2028F NPAT forecast (+0.2%/+2.8%/+8.8%/+9.1%/+12.0% for 2024/25/26/27/28F, respectively) and (2) our increase in ACB’s target P/B to 1.40x from 1.30x
- We increase our aggregate 2024-2028F net income mainly due to (1) higher-than-expected credit growth in 2023 and credit quota in 2024, which increased our 2024-2028F aggregate NII by 8.1% vs our previous forecast and (2) a 7.1% decrease in aggregate provision expenses. These factors outweigh a 16.1% decrease in aggregate NOII.
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