Analyst Pin-board CTG – Short-term tailwinds and potential earnings surprise
- In 1Q2021, CTG achieved superior growth as the bank recorded a sharp fall in CIR, credit and interest costs.
- Despite the moderate expected credit growth, CTG is projected to achieve outstanding earnings result in the second quarter. This is attributed to a continuously widened NIM on a low comparison base and the movement of bad debt to upper loan groups lowering pressure on credit costs.
- As the average multiple valuation rose dramatically and the bank is likely to barely reach the previously expected range of provision expenses in 2021, we raise our target price to VND 51,700/share and a NEUTRAL recommendation. This translates to an upside of +2% from the closing price of June 16 2021.
Viet Dragon Securities belongs to top 20 biggest securities companies in terms of chartered capital in Vietnam. With a qualified, dedicated and professional team, a widespread network, advanced technology, diversified products and services, and good relationship with local and foreign institutions, we provide a wide range of services and products to our clients both individuals and institutions, both local and foreign. We commit to provide our clients with promising investment opportunities and a comprehensive and professional financial investment services.
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