CTG [M-PF +9.4%] - Good progress in H1 2016 but strong growth has yet to materialize - Update 2016-09-06T17:47:06 Company Research We reiterate a MARKETPERFORM rating for CTG and keep our target price at VND18,700 as the outlook for the bank has not changed: uncertainty of capital raising still remains and NPLs will likely increase after the merger with PGBank.