{"id":12535,"date":"2022-04-04T15:13:04","date_gmt":"2022-04-04T08:13:04","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=12535"},"modified":"2022-04-04T15:13:04","modified_gmt":"2022-04-04T08:13:04","slug":"ctg-equity-report_analyst-meeting-updates-prudent-assessment","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/ctg-equity-report_analyst-meeting-updates-prudent-assessment\/","title":{"rendered":"CTG Equity Report_Analyst Meeting Updates- Prudent assessment"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>BUSINESS UPDATES<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>Q1\/2022 preliminary results: <\/strong>Total assets +6%, Credit +7% (per 10% credit room 2022 allowed by SBV), deposits +5%. PBT + 10%-15% yoy.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>2022 target: <\/strong>\u00a0Retail banking: individual and SME segments are key focuses of growth. Intact NIM at around the 3%, equivalent to 2021. CASA is expected to rise to 25%-26% by the end of 2022 or 2023.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Banca revenue is expected to triple in 2021 to VND1,000-1,200 billion and grow by 30%-40% in the following years.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Provision expenses expected to be 12,000-15,000 billion. Loan loss coverage ratio is up, over 180% and NPL ratio is controlled below 1.8%.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>RECOMMENDATIONS<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">CTG is setting out a cautious business plan after a tumultuous year. Despite pressure on bad debts, there are still bright spots in CTG\u2019s business: retail focus will enhance CASA, by that NIM improves while insurance activities will have a breakthrough from this year, along with plans for collecting trade guarantee fees or divestment of subsidiaries, it will be a catalyst for the bank&#8217;s non-interest income growth.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We expect CTG to achieve a credit growth rate of 15% in 2022, with profit growth of 50% thanks to a sharp reduction in provision expenses.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We maintain the previous recommended price with CTG at the target price of <strong>38,400VND\/share<\/strong>, investment term of 6-18 months.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-12535","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>CTG Equity Report_Analyst Meeting Updates- Prudent assessment - 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\/ctg-equity-report_analyst-meeting-updates-prudent-assessment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CTG Equity Report_Analyst Meeting Updates- Prudent assessment - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"BUSINESS UPDATES Q1\/2022 preliminary results: Total assets +6%, Credit +7% (per 10% credit room 2022 allowed by SBV), deposits +5%. 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