VPB [OUTPERFORM +18.9%] - Competition casts haze over growth of consumer finance - Update
  • 2019-05-28T17:50:44
  • Company Research
We cut our target price (TP) by 10.2% to VND22,000 and maintain our OUTPERFORM rating with a projected TSR of 18.9%. Our TP cut is due to (1) our downward revisions in net income toward the end of the explicit forecast period and (2) an increase in risk-free rate assumption.