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- We raise our target price (TP) for ACB by 5.4% to VND31,400/share and maintain a BUY rating.
- Our higher TP is mainly due to (1) the positive impact of rolling our TP horizon to end-2024F and (2) decreasing our cost of equity assumption due to a lower updated beta. These factors outweigh the negative impact of a 0.9% reduction in our aggregate 2023-2027F NPAT forecast (+0.9%/+4.3%/+1.7%/-3.6%/-5.3% for 2023/24/25/26/27F, respectively).
- We increase our 2023F net income by 0.9% to VND15.8tn (USD649mn; +15.7% YoY) due to (1) a 9.5% cut in OPEX thanks to well expenses management that outweighs (2) a 12.8% increase in provision expenses and (3) a 2.2% decrease in TOI.
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