EXECUTIVE SUMMARY:<\/p>\n
\u2014We assess that the outlook of Banking stocks in 2024 is POSITIVE<\/b>. The drivers for price increase of Banking stocks include: (1) Improved business and economic conditions and the recovery of the real estate sector can promote credit growth and increase service fee income for banks; (2) Banks\u2019 NIM in 2024 is expected to improve compared to that of 2023 because of a low interest environment in 2024; (3) The pricing of banking stocks is at an attractive level; (4) Banks\u2019 NPL ratio and bond portfolio are expected to improved with the economic condition, thus improving banks\u2019 asset quality; (5) We assess the long-term outlook of the banking sector is positive. Notable risks of banking stocks that need monitoring: some banks are having high capital adequacy risk and\/or liquidity risk.<\/p>\n
\u2014We issue a BUY recommendation on MSB<\/b> with 6-18 months\u2019 target price of VND<\/b> 19,000\/share<\/b>, an upside of +28% with purchase price of\u00a0 VND 14,800\/share. A notable risk of MSB is that the bank is current having a higher NPL ratio than the sector average.<\/p>\n","protected":false},"author":32,"featured_media":0,"template":"","cate_research":[70],"specialized":[],"class_list":["post-22508","research","type-research","status-publish","hentry","cate_research-macro-market-report"],"yoast_head":"