STB [BUY 48.8%] - Eyes turn to coming AGM for refresh on Phong Phu case - Update
  • 2020-02-12T20:54:10
  • Company Research
We reiterate a BUY rating for STB but trim our target price (TP) by 3.7% to VND17,150, mainly due to lower valuations produced by market capitalization to loan and deposit methodologies. The market capitalization to loan and deposit approach accounts for 50% of our TP computation and its calculation depends on ACB and MBB’s share price (as of February 7, 2020).