- We maintain our BUY rating for MBB and increase our target price (TP) by 3% to VND31,000/share as (1) the positive impact of rolling our TP horizon forward to end-2025F outweighs (2) our 2% cut in our aggregate 2024F-2028F earnings forecast (respective changes of -2%/-2%/-2%/-3%/-1% in 2024/25/26/27/28F).

- We trim our 2024F NPAT by 2% to VND22.9tn (USD914mn; +9% YoY) due to (1) a 1% decrease in our TOI forecast and (2) a 1% increase in provisioning expenses given our higher NPL ratio forecast.

- We expect (1) strong top-line growth in 2024-2026F to counteract high credit costs, 

(2) NPL formation to continue decreasing, and (3) MBB to maintain its top-tier CASA ratio in the sector due to dynamic customer acquisition and enhanced customer experience. MBB currently has more than 29 million customers (targeting 30 million by end-2024). MBB has acquired 6-7 million new customers/year since 2020, with the market’s top transaction value.

Powered by Froala Editor