Analyst Pin-board TCB – 1H 2019 Business Performance Update
The rapid capital increase in 2018 has lowered ROAE to less than 20% and pushed CAR to a much higher level than industry norms (13.97%). TCB wants to keep the plan of not paying any cash dividend for five years. Thus, ROAE can hardly return to 20% or more (which was previously communicated as a sustainable level by TCB) in the next one or two years. In addition, because there is no foreign ownership room left, the stock price is unlikely to recover quickly in the short term.
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