Analyst Pin-board TCB - Ambitious technology-enabled growth
- The 2020 results beat our expectation by 2%.
- 2021 projected PBT is revised up to VND 18,870 bn (USD 820 mn, +19%), lower than the proposed PBT in the annual plan (VND 19,800 bn).
- The 2021-2025 plan is ambitious. We revise our estimation to match the strategic plan, but our projected NFI to TOI ratio will be not in line with the target.
- We raise the target price to VND 50,900/share and maintain a BUY This translates to an upside of 21% from the closing price of April 7 2021.
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