Analyst Pin-board: VCB – Well-controlled Cost
Given the stable growth of lending activities and lower growth rate of deposit, we believe that interest income will be the key driver of VCB’s TOI in 2019. We also see that VCB has been well-controlling its cost both in operating and provision. Therefore, despite of the absence of one-off income in 2019, we estimate VCB’s PBT will grow 19.6% YoY and be 9% higher than its 2019 plan. VCB’s NPAT will be VND 17.5 Tn (c. +20% YoY), corresponding to EPS of VND 4,277. We revise up our VCB’s target price to VND 72,500, equivalent to 2019 forward PBR of 3.2x.
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