- We maintain our BUY rating and raise our target price (TP) by 16.1% to VND32,500/share as we increase our aggregate 2025-2029F earnings forecast by 5.1% (respective changes of 0%/+4.6%/+4.4%/+5.9%/+8.2% for 2025/26/27/28/29F). 

- Our higher TP is positively impacted by (1) a decrease in our assumption for TCB’s cost of equity due to an updated beta and (2) a higher target P/B assumption.

- TCB is trading at a trailing P/B of 1.27x, which is below its five-year average trailing P/B of 1.33x.

Powered by Froala Editor