Analyst Pin-board TCB – 4Q21 earnings review: beating expectations slightly
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· 4Q21 earnings modestly beat our forecasts by 4% (VND 6.1 trillion versus VND 5.9 trillion in PBT) mainly due to robust NIM and strong NFI growth. As a result, TCB reported 2021 PBT at VND 23,238 bn (USD 1.0 bn, 47% YoY), exceeding our prior estimates of VND 23,010 bn). · The extensive growth in 4Q21 and the whole year results came from high credit growth quota, NIM expansion, the rise of bancassurance, settlement and securities segments. Asset quality has been well maintained during the year in spite of the pandemic impact, leading to controlled credit costs and thereby, the resiliency of operation efficiency. · We currently have a forward 2022 PBT forecast of VND 29,357 bn (USD 1.3 bn, 26% YoY). The 2022 book value per share is projected at VND 32,746. We are revising the forecasts and currently have a target price of VND 71,000/share and a BUY recommendation. This translates to an upside of 39% from the closing price of January 27, 2022. |
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is a Vietnam-based corporate bank. It is engaged in the provision of corporate banking services include customized account packages; fixed and non-fixed deposits; supply chain financing; trade finance services for import, export and domestic; international fund transfer; commodity brokerage services; foreign exchange services, such as foreign exchange swaps and foreign exchange derivatives, among others; as well as working capital loans. The Bank also offers personal banking products and services, such as credit and debit cards; individual loans of various types, including study, mortgage, household business, among others; personal banking accounts and services, including current accounts, payroll accounts and international transfer; Automated Teller Machine (ATM) and Point Of Service (POS) customer service support; and Internet and mobile banking.
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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