- 2023-03-16T00:00:00
- Company Research
- We raise our target price (TP) for BID by 11.2% to VND46,500/share and maintain a MARKET PERFORM rating.
- Our higher TP is mainly due to a 11.4% increase in our forecast for aggregate 2023-2027F NPAT-MI and a decrease in our cost of equity for BID from 14.5% to 14.2% due to an updated beta.
- The increase in our 2023-2027F earnings is underpinned by (1) a 5.3% aggregate increase in NII as we raise our average assumption for credit growth from ~9.5% to 11.5%, (2) an 8.6% aggregate increase in NFI (including FX trading) and (3) 5.6% aggregate increase in other income, which are partly offset by a 4.0% aggregate increase in provision expenses.
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