Result Update Report: VPB - Capital injection lays down the foundation for growth phase
Possessing high capital adequacy ratios combined with the bank’s assistance in the transferring of distressed credit institutions, VPB has witnessed a tremendous scale up in credit market share during the past five years from 3.2% to 4%. During the economic slowdown in 2023, VPB’s growth momentum is going to slowdown as it is facing numerous difficulties from funding and credit costs, yet core earnings are expected to rise.
However, capital injection is expected to go on from 3Q23 to drive the bank’s charter capital to top-tier position among joint-stock commercial banks, laying down the foundation for the next growth phase. Our current target price is VND 24,000/share, offering an upside of 19% compared to the closing price as of Jun 28th, 2023, hence, we recommend to BUY this stock for long term investment.
Vietnam Prosperity Joint Stock Commercial Bank is a Vietnam-based financial intermediary. The Company's leading business activities are commercial banking operations, including personal financing, enterprise lending, remittance services, foreign currency trading, card services, letters of credit and debt issuance and insurance, among others. The Bank also trades securities on its own account and invests in private equity.
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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