- We attended STB's AGM in HCMC on April 25. The main agenda was to review 2022 business results and approve 2023 targets.

- The Q&A session focused on the clearance progress of (1) debts related to Phong Phu and (2) the 32.5% stake pledged as a collateral in favor of VAMC. Shareholders also raised questions regarding STB’s dividend policy and Q1 2023 preliminary results.

- 2023 targets include (1) total asset growth of 11% YoY vs our full-year forecast of 14.7% YoY, (2) credit growth of 12% YoY vs our current assumption of 13% YoY — however, the bank notes that it may increase its 2023G credit growth following receipt of the updated credit quota from the SBV — (3) funding growth of 11% vs our full-year forecast of 14.4%, (4) the NPL ratio to be kept below 2.0% vs our full-year forecast of 1.3%, and (5) PBT of VND9.5tn (+50% YoY) vs our full-year forecast of VND12.7tn (+100% YoY). In 2018-2022, STB beat its earnings guidance by 20%-30%.

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