{"id":15368,"date":"2022-08-09T16:51:53","date_gmt":"2022-08-09T09:51:53","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=15368"},"modified":"2022-08-09T16:51:53","modified_gmt":"2022-08-09T09:51:53","slug":"tpb-equity-report_update-1h2022","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/tpb-equity-report_update-1h2022\/","title":{"rendered":"TPB Equity Report_Update 1H2022"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">1H performance<\/span><\/strong><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">TPB reported profit growth of 10.8%ytd in the 1st haft 2022, driven by mortgage lending and consumer lending. Meanwhile, the bank still managed funding sources well with customers&#8217; deposits increasing 12% in 1H.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">The bank\u2019s NII increased 22%yoy in 1H while non-NII income was supported by payment services and a large recoveries amount. PBT reached VND3,787 bn in 1H, + 26.3%yoy.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">The bank continued to make provisions for bad debts. Restructured loans decreased while NPL was below 1% making the bank in the highest asset quality group.<\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">COMMENTS<\/span><\/strong><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Digitalization strategy attributes to expanding the bank&#8217;s customer base (1.5 million new customers in 1H) and profit in the short and long run.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We believe that lending and service activities will continue to improve in the 2nd haft. PBT of the bank would be around VND8,300 bn, equivalent to 37%yoy growth.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We maintain a \u201c<strong>positive<\/strong>\u201d view of TPB stock based on its splendid growth and good asset quality. The target price (6-18 months) is maintained at <strong>VND39,7000\/share.<\/strong><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-15368","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>TPB Equity Report_Update 1H2022 - 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\/tpb-equity-report_update-1h2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TPB Equity Report_Update 1H2022 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"1H performance TPB reported profit growth of 10.8%ytd in the 1st haft 2022, driven by mortgage lending and consumer lending. 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