{"id":10389,"date":"2021-10-22T17:51:57","date_gmt":"2021-10-22T10:51:57","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&p=10389"},"modified":"2021-10-22T17:51:57","modified_gmt":"2021-10-22T10:51:57","slug":"acb-equity-report_hold_prudent-business-model","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/acb-equity-report_hold_prudent-business-model\/","title":{"rendered":"ACB Equity Report_Hold_Prudent business model"},"content":{"rendered":"

INVESTMENT THESIS<\/span><\/strong><\/p>\n

\u2022 Prudential business model. ACB is one of the best asset quality banks in the system (stable NPL<1% since 2016). The bank owns loyal retail customers base (individual and SME) accounting for more than 90% total credit (the highest in the system) which helps to maintain a stable growth rate, high profit margin and mitigating risks. In addition, the strength in government bond investment with the scale ranked top 4 sectors (follow SOBs), accounting for 13% of TTS helps maintain a high and stable interest income component. <\/span>
\n\u2022 The bancas agreement with Sunlife generates a steady upfront fee ($500 billion a year over 15 years), while setting the growing basis for the bank’s non-interest income. <\/span>
\n\u2022 ACB focuses on secured lending and proactively sets up provisions. The quality of assets is among the best in the sector, LLCR has reached 200%.<\/span><\/p>\n

RISKS<\/span><\/strong><\/p>\n

The impact of covid on the asset\u2019s quality is the biggest issue at present. Social distancing lasts for 3 months caused the bank’s credit growth rate to decrease by 2% in the third quarter (from 9.5% ytd to 7.5% ytd), PBT sharply decreased by more than 20%qoq. The restructured loan increased sharply to VND 13,000 billion, +5,000 billion. <\/span><\/p>\n

RECOMMENDATION<\/span><\/strong><\/p>\n

Assuming that ACB continues to maintain a stable credit growth rate of 13%-14% per year, NIM averaging 3.7% and CIR 37% in the period 2021-2023, we determine the target price for ACB shares as 37,000VND\/share. Along with the fact that the P\/B of the stock is at 2.16, which is relatively reasonable compared to peers, we recommend “HOLD<\/strong>” ACB shares with a long-term target price (6-18- month investment term) of 37,000VND\/ share<\/strong>, corresponding to an expected return of 14.9%.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-10389","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"ACB Equity Report_Hold_Prudent business model - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtht.com.vn\/en\/research\/acb-equity-report_hold_prudent-business-model\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ACB Equity Report_Hold_Prudent business model - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT THESIS \u2022 Prudential business model. 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