Analyst Pin-board TCB – Expecting strong organic growth
- We expect TCB to sustain its earnings trend as credit growth reaches the ceiling and NIM continues to outperform on a year-on-year basis. 2Q2021 PBT is projected at VND 5,671 bn (USD 247 mn, +57% YoY), attributed mainly to the total operating income (+51% YoY).
- We raise the forecast for 2021 PBT to VND 20,437 bn (USD 889 mn, +29% YoY), up 9% from our prior projection, mainly due to controlled credit costs and strong performance in settlement.
- The long-term valuation component is revised up 36% as we roll the price target end date to mid-2022 and raise the terminal multiple due to better sustainable ROE. Combined with the recent rally of banking stocks driving up peers’ valuation, we adjust our target price to VND 67,000/share, 32% higher than our last target. This translates to an upside of 27% from the closing price of June 30, equivalent to a BUY recommendation.
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