reports
Moody's affirms Asia Commercial Bank's Ba3 ratings, outlook stable
Moody's Investors Service has today affirmed Asia Commercial Bank's (ACB) Ba3 local currency (LC) and foreign currency (FC) long-term (LT) bank deposit and issuer ratings, as well as the bank's ba3 Baseline Credit Assessment (BCA) and adjusted BCA. At the same time, Moody's has also affirmed ACB's...
- Chinh Nguyen
ACB - Strong Asset Quality Amid Challenges
· ACB recorded a Total Operating Income (TOI) of VND 8 trillion in Q2/23, representing a YoY increase of 16%. This growth was driven by an increase in Net Interest Income (NII) to VND 6.24 trillion (+11% YoY) in combination with a strong contribution from non-interest income sources. Despite maintaining a robust YoY growth of +16% in total operating income, the bank decided to normalize its provision expenses at VND 706 billion, compared to the reversal of debt restructuring prov...
- Thao Nguyen
ACB – Maintain stable return on equity in a challenging year
· The bank has a relatively cautious guidance for FY2023. Total assets are anticipated to grow by 10%. Mobilization growth is projected to be 8.1%. It must be noted that the 9.7% credit growth in the plan is ACB’s first granted quota as of Feb 24th. The bank will revise its credit growth guidance when receiving new quota from the SBV. · In 2023, due to the high base effect in 2022 and taking into account the tough market landscape, the bank’s ability to benefit from cre...
- Thao Nguyen
ACB – Sustainable growth from high base
· Q4 PBT reached VND 3.6 tn (or USD 150 mn, +19% YoY) driven by both interest income (35% YoY), non-interest income (+24% YoY) and a slump of provision expenses (-52% YoY). However, on a quarterly basis, PBT dropped by 20% due to operating expenses surging by 61% QoQ. CIR increased to 40.3% in 4Q22, mainly due to a VND 1,000 bn (or USD 41 mn) expense for the science and technology development fund. · Asset quality improved on both quarterly and yearly basis. NPL was 0.74...
Asia Commercial Joint Stock Bank: 1 director
A director at Asia Commercial Joint Stock Bank bought 1,213,138 shares at 0.000VND and the significance rating of the trade was 100/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the ...
- Tam Pham
ACB – Stand Still in the Coming Storm
ACB posted an earnings growth of 71% YoY in Q3/22 driven by high growth in net interest income, service income, slower growth in operating expenses and provision expenses fell sharply. Asset quality was slightly deteriorated due to the expiration of Circular 14 but restructured customers continued to recover and provision buffer remained high. Profit performance was not impacted as the bank has fully provisioned the entired structured loans last year. Besides, ACB is one of the a few ...
- Son Tran
Analyst Pin-board ACB – 1Q22 review: Strong buffer paid off
ACB managed to deliver strong earnings growth (33% YoY) in 1Q22, a rebound from the weak performance in 2H2021. Total operating income expanded steadily (21% YoY). CIR contributed negatively due to the high base effect. Notably, ACB posted net provision reversals thanks to the over-expected repayment of restructured loans. It became a major growth component. We factored in a recovery of restructured customers on a sector-wide basis in all our models, which will be reflected via weak d...
- Kiet Tran
- Lam Nguyen
- Tung Do
Vietnam Strategy: April 2022 – Tailwinds from AGM and earnings season
We remain positive on Vietnam equities in the long term due to the following structural catalysts: better domestic demand, companies’ earnings prospect, economic activities and FDI inflows on the back of broader economic reopening and fiscal stimulus package disbursement. These factors will provide an efficient buffer against higher, albeit in control, inflation and external risks namely geopolitical uncertainties and slowing global growth. We also see upside potential from the perspective of...
ACB ASIA COMMERCIAL BANK
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- Thanh Nguyen
Asia Commercial Bank: 2022/2023 outlook – Capturing retail advantage w...
ACB's 2021 results were slightly below our expectations. NII was up to our projections, but TOI and PBT missed our estimates. We appreciate the quality improvement in CASA base and the conservative provisioning policy for restructured debts. The bank's 2022-2023 PBT forecasts are almost unchanged despite the lower-than-expected 2021 results, landing at VND15.4tn (US$669mn, 28% yoy) and VND18.7tn (US$813mn, 22% yoy), respectively for 2022 and 2023. ACB's 2023 revenue is revised upward by 3%. ...
- Son Tran
Analyst Pin-board ACB – 2022/2023 outlook: capture the advantage in re...
After the expiration day of VN30F2203 contract, market regained and the rising movement lasted until the end of the session. However, in general, market was still cautious at the resistance level of 1,475. To sum up, VN-Index increased by 7.76 points (+0.53%) and closed at 1,469.1 points. Liquidity improved compared to the previous session, with 745.6 million shares matched on HOSE.
- Son Tran
Analyst Pin-board ACB – Building the buffer
ACB posted flat earnings growth in 3Q21 due to the surge in credit costs. The bank also witnessed a deterioration in its balance sheet health regarding NPL, LLR and restructured debt. It has made full provisions of restructured debt earlier than required. We value ACB’s conservative provisioning policy in the context of increasing restructured loans, group 2 debt degradation and NPL formation which might last for one or two quarters. Concern arises as ACB attempts to boost credit growth in t...
- Kiet Tran
- Lam Nguyen
- Tung Do
Vietnam Strategy: August 2021 – Picking a safe haven at a time of unce...
The outperformance of smaller market cap stocks compared with the returns on VN Index in July was generally in line with our expectations. As such, reducing the weight on our recommendations on some large cap stocks in steel and banking sectors, namely HPG, VCB, ACB, in the last month has helped lessen the impact of the market downturn among our coverage. Overall, 10 out of our 11 Buy recommendations have outperformed the VN Index in the last month. Robust Q2 21 earnings growth and the market...
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