{"id":20574,"date":"2023-10-26T10:16:46","date_gmt":"2023-10-26T03:16:46","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&p=20574"},"modified":"2023-10-26T10:18:44","modified_gmt":"2023-10-26T03:18:44","slug":"acb-equity-report_q3-2023-business-result-update_oct-2023","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/acb-equity-report_q3-2023-business-result-update_oct-2023\/","title":{"rendered":"ACB Equity Report_Q3.2023 Business Result Update_Oct 2023"},"content":{"rendered":"

BUSINESS RESULT UPDATE<\/strong><\/span><\/p>\n

Credit growth was boosted in Q3, with a cumulative growth of 8.7% ytd in the first 9 months.<\/span><\/p>\n

Pre-tax profit in the third quarter increased by 12.5%yoy. Accumulated in 9 months, PBT reached 15,000 billion VND, up 11.1%yoy. Of which, net interest income increased by 9.3% and non-interest income increased by 50%.<\/span><\/p>\n

The bank’s NIM continued to narrow compared to the previous 2 quarters. NIM in the third quarter alone decreased to less than 4%.<\/span><\/p>\n

The bank’s NPL ratio increased to 1.21%, leading to a higher provision expenses pressure.<\/span><\/p>\n

The bank plans to pay 25% dividends for the period 2023-2024 (10% in cash and 15% in shares).<\/span><\/p>\n

Business expectations<\/strong>: ACB currently receives a credit growth limit of 14.5% for the year 2023. However, according to the bank’s assessment of the economic outlook in the last quarter of the year and a cautious business perspective, it is hard to fully utilize credit room. On the other hand, the bank’s profit picture is still quite bright compared to its sector peers with double-digit profit growth compared to the same period last year.<\/span><\/p>\n

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

We maintain the same valuation of ACB as previously reported at VND24,700\/share<\/strong>. ACB is suitable for the holding portfolio due to its solid business model, prudent risk appetite and first-class safety in the system.<\/span><\/p>\n

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