- We decrease our target price (TP) for STB by 2.4% to VND37,200/share but maintain our BUY rating. Our lower TP is due to a 0.9% decrease in our aggregate 2024-2028F projected NPAT (-3.1%/+12.9%/-4.8%/-2.6%/-4.1% in 2024/25/26/27/28F, respectively).
- We decrease our aggregate 2024-2028F net income projection mainly due to a 2.7% decrease in aggregate NII following our lower expectation for average NIM at 4.00% vs 4.12% as in our previous Update Report. This outweighs a 9.5% decrease in aggregate provision expenses.
- We have revised our 2025F earnings forecast up by 12.9% due to moving our assumption of recognizing income from sale debt related to Phong Phu Industrial Park. Instead of booking 50% of the income in 2024F and the remaining 50% in 2025F, we will now expect STB to recognize 100% of the income in 2025F.
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