Analyst Pin-board TCB – Capitalizing on the advantages
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· The 2021-2025 strategy marks an acceleration phase capitalizing on competitive advantages: invested infrastructure, thick capital base and strong ecosystem. Its firmly established funding structure which is backed by a leading retail franchise focusing on high-profile customers is the foundation for cross-board expansion in various scenarios. · Enabled by the potential recovery of economic backdrop in 2022, TCB has solid foundation to deliver extensive organic growth and continuous improvement in efficiency. Besides the widening NIM and high credit growth, financial ability of the customers and good provisions buffer helped TCB deliver robust growth across the board in 9M2021. We expect TCB to have good growth when capitalizing on its competitive advantages in a favorable macro environment, thereby improving its ROE with an intact top-tier capital base. · We maintain the estimated 2021-2022 PBTs of VND 23,010 bn (USD 1.0 bn, +46% YoY) and VND 29,357 bn (USD 1.3 bn, +28% YoY). The 2021-2022 book value per share figures are VND 26,224 and VND 32,746 respectively. We currently have a target price of VND 71,000/share and a BUY recommendation. This translates to an upside of 45% from the closing price of December 27 2021. |
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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