{"id":11825,"date":"2022-02-08T11:31:39","date_gmt":"2022-02-08T04:31:39","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=11825"},"modified":"2022-02-08T11:39:08","modified_gmt":"2022-02-08T04:39:08","slug":"acb-equity-report_buy_reinforcing-the-leading-position-in-private-bank-group","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/acb-equity-report_buy_reinforcing-the-leading-position-in-private-bank-group\/","title":{"rendered":"TCB Equity Report_Buy_Reinforcing the leading position in private bank group"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>INVESTMENT THESIS<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>The strong position in the real estate lending and digitalization makes TCB outperform in the sector<\/strong>. (i) Credit growth was intact at 25.4%, driven by individual customers (mortgage, credit cards) and SMEs loan. (ii) Benefiting from low interest rates and cheap syndicated loans helps the bank achieve a PBT growth rate of 47% in 2021, of which NII increased by 42% and NFI increased by 42%yoy, supported by IB-TCBS (+33%) and banca (+88%). (iii) NIM and CASA reached a record high and sector top 1 position, at 5.6% and 50.5%, respectively.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>Still promising outlook<\/strong>. <strong><em>(1) The ecosystem will maintain an average credit growth of 23% in the 2022-2024 period.<\/em><\/strong> Profit increases 20%\/yr thanks to low COF that contributes to keep NIM above 5%. <strong><em>(2)<\/em><\/strong> <strong><em>Reinforcin<\/em><\/strong>g <strong><em>CASA improvement expectation<\/em><\/strong>. We believe that TCB has built a very strong position in digital banking, loyal high-middle income customer base those help maintain a sustainable CASA balance in the past and going forward, <strong><em>(3) healthy asset quality<\/em><\/strong> with NPL< 1% and reduced provision pressure in the upcoming time thanks to a sharp decrease in restructured loan to 1,900VND bn. <strong><em>(4) the<\/em><\/strong> <strong><em>cooperation with Masan<\/em><\/strong> remains promising in the long term.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>INVESTMENT RISKS<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Raised deposit rates will put pressure on NIM shrinking in the short term. In addition, the concentration risk (70% of outstanding loans related to the real estate sector) and deteriorated asset quality due to Covid remain the visible risks.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>RECOMMENDATIO<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Revising the over forecasted 2021 results and raising NIM expectation, we raised TCB target price to 64,500VND\/share, +17.2% compared to the recommendation made on October 29, 2021. We recommend &#8220;<strong>BUY<\/strong>&#8221; TCB with a one-year target price of <strong><em>64,500VND\/share<\/em><\/strong>, equivalent to 23% expected return calculated from the closing price on January 26, 2022.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-11825","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>TCB Equity Report_Buy_Reinforcing the leading position in private bank group - 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_buy_reinforcing-the-leading-position-in-private-bank-group\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCB Equity Report_Buy_Reinforcing the leading position in private bank group - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT THESIS The strong position in the real estate lending and digitalization makes TCB outperform in the sector. 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