TPB [OUTPERFORM +11.4%] - Cir.01 forecast expands, offset by solid NIM - Update
  • 2020-08-21T20:01:52
  • Company Research
We maintain our target price at VND24,500/share and reiterate OUTPERFORM for TPB given a 6.7% increase in our average earnings forecast during 2020-22F, which is offset by an average 61-bp decline in our projected ROE for 2023-24F. Our earnings forecast increase is mainly driven by an average 5.7% lower projection for provision expenses during 2020-2022F.