Analyst Pin-board ACB – Some focal points from 2020’s preliminary results
ACB just announced its consolidated earnings, which are slightly higher than our expectations. The preliminary results are quite impressive in general, given the context of low GDP growth and weakened economic activity. Based on the released information, we expect to maintain our long-term view and investment rationales on ACB. However, we think there could be an adjustment in the valuation due to booking the bancassurance upfront fee. In short, this could be considered as an under-expected information to us. On the other hand, we appreciate the performance of the bancassurance segment and effort in cost reduction. We expect the improvement in profit before tax margin to help neutralize the effect of lower contribution of abnormal income on the intrinsic value. The guidance on restructured loans also raise hope for moderate credit costs, but we believe there are still uncertainties regarding the assumption of the degradation ratio of those loans and economic recovery.
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