TPB [BUY +26.0%] - Sunlife banca deal adds luster to already bright story - Update
  • 2019-11-29T19:54:04
  • Company Research
We raise our target price by 2.0% to VND27,600/share as well as our rating to BUY from OUTPERFORM for TPB as a result of rolling our valuation date forward to YE2020, which offsets an average -2.6% cut in our NPAT forecasts for 2019F-2020F. Our decline in 2019-2020 earnings projections is mostly due to a 50% average increase in our assumptions for provision expenses. We suspect that rapid growth in auto loan market share – both in terms of the number and size of loans over the past three to f