Analyst Pin-board ACB – Robust income growth supported by CIR improvement
- Better-than-expected income growth led by allocation of upfront fees and NIM expansion.
- Bad debt formation increased significantly in 1Q2021, dragging credit costs. We forecast that NPL will be controlled towards the year end, and credit costs will be slightly lower.
- The negative surprise in provision was offset by CIR improvement as base effect and provision reversal.
- We revise up our a target price by 2.6% to VND 43,500/share. This implies an upside of 16% from the closing price of May 21 2021, and therefore translates to an ACCUMULATE
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