We increase our target price (TP) by 0.9% to VND32,000/share and maintain our BUY rating. Our higher TP is mainly due to (1) a 5.8% aggregate increase in our projection for 2022-2026F NPAT-MI, which is partly offset by (2) a downward revision to our target P/B from 1.60x to 1.55x and (3) an increase in our house cost of equity from 12.5% to 13.0%. Our higher bottom-line forecasts are mainly derived from (1) a 3.6% aggregate increase in PPOP and (3) 6.3% aggregate decrease in provision expenses as we cut our average 2022-2024F credit growth from 17.9% to 16.3%. |
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