VPB [BUY +28.7%] - Lower COF in 2022 despite higher forecast deposit rates - Update
  • 2021-11-24T00:00:00
  • 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 target P/B of 2.0x vs 2.3x in our previous update.

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