VPB [BUY +28.7%] - Lower COF in 2022 despite higher forecast deposit rates - Update
  • 24 Nov 2021
  • Company Research
We maintain our BUY rating and increase our target price (TP) by 0.2% as (1) raising our aggregate net income forecast for 2021-2025 by 4.0% and (2) the positive impact of rolling our TP forward to YE2022 outweigh (3) the negative impact of applying a tar