{"id":30835,"date":"2025-04-25T09:21:48","date_gmt":"2025-04-25T02:21:48","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=30835"},"modified":"2025-05-12T09:22:03","modified_gmt":"2025-05-12T02:22:03","slug":"gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/","title":{"rendered":"GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025"},"content":{"rendered":"<p><span style=\"font-family: helvetica, arial, sans-serif\">BUSINESS PERFORMANCE UPDATE <\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">In Q1\/2025, Techcombank recorded TOI of VND 11,611 billion (-5.3% YoY) and PBT of VND 7,236 billion (-7.2% YoY), affected by declining net interest margin and weaker non-interest income. Operating expenses increased slightly, pushing CIR up to 28.3%, while ROA and ROE dropped to 2.3% and 14.9%, respectively. Asset quality remained under control, with NPL rising slightly to 1.23% and NPL coverage ratio reaching 111.4%. Provision expense declined 10% YoY. Credit grew 3.8% YTD, driven by strong growth in retail lending (+26.6% YoY), focusing on margin lending and industrial real estate. Retail CASA continued to improve, while capital position strengthened with CAR at 15.3%. Although Q1 results declined, solid financial foundation and digital transformation direction provide a basis for profit recovery in coming quarters. <\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">OUTLOOK <\/span><\/p>\n<p><span style=\"font-family: helvetica, arial, sans-serif\">We maintain a BUY recommendation on TCB stock with a medium-to-long-term view, based on its solid financial foundation, ability to sustain superior profitability, and leading position in digital transformation. Applying the P\/B method (1.25x) and residual income model with more conservative assumptions, our 12-month target price is VND 31,475\/share, implying a potential upside of ~19% from the current market price.<\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[],"specialized":[],"class_list":["post-30835","research","type-research","status-publish","hentry"],"yoast_head":"<title>GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025 - 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\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"BUSINESS PERFORMANCE UPDATE In Q1\/2025, Techcombank recorded TOI of VND 11,611 billion (-5.3% YoY) and PBT of VND 7,236 billion (-7.2% YoY), affected by declining net interest margin and weaker non-interest income. Operating expenses increased slightly, pushing CIR up to 28.3%, while ROA and ROE dropped to 2.3% and 14.9%, respectively. Asset quality remained under [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/\" \/>\n<meta property=\"og:site_name\" content=\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"article:modified_time\" content=\"2025-05-12T02:22:03+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\\\/\",\"name\":\"GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\"},\"datePublished\":\"2025-04-25T02:21:48+00:00\",\"dateModified\":\"2025-05-12T02:22:03+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\\\/\"]}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/\",\"name\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/gtht.com.vn\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#organization\",\"name\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/faviicon-1.jpg\",\"contentUrl\":\"https:\\\/\\\/gtht.com.vn\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/faviicon-1.jpg\",\"width\":1067,\"height\":1067,\"caption\":\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\"},\"image\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#\\\/schema\\\/logo\\\/image\\\/\"}}]}<\/script>","yoast_head_json":{"title":"GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","og_description":"BUSINESS PERFORMANCE UPDATE In Q1\/2025, Techcombank recorded TOI of VND 11,611 billion (-5.3% YoY) and PBT of VND 7,236 billion (-7.2% YoY), affected by declining net interest margin and weaker non-interest income. Operating expenses increased slightly, pushing CIR up to 28.3%, while ROA and ROE dropped to 2.3% and 14.9%, respectively. Asset quality remained under [&hellip;]","og_url":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/","og_site_name":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","article_modified_time":"2025-05-12T02:22:03+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/","url":"https:\/\/gtht.com.vn\/en\/research\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/","name":"GTJASVN_TCB Equity Report_Business Results Update Q1.2025_April2025 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","isPartOf":{"@id":"https:\/\/gtht.com.vn\/#website"},"datePublished":"2025-04-25T02:21:48+00:00","dateModified":"2025-05-12T02:22:03+00:00","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtht.com.vn\/en\/research\/gtjasvn_tcb-equity-report_business-results-update-q1-2025_april2025\/"]}]},{"@type":"WebSite","@id":"https:\/\/gtht.com.vn\/#website","url":"https:\/\/gtht.com.vn\/","name":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","description":"","publisher":{"@id":"https:\/\/gtht.com.vn\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gtht.com.vn\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/gtht.com.vn\/#organization","name":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","url":"https:\/\/gtht.com.vn\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/gtht.com.vn\/#\/schema\/logo\/image\/","url":"https:\/\/gtht.com.vn\/wp-content\/uploads\/2025\/05\/faviicon-1.jpg","contentUrl":"https:\/\/gtht.com.vn\/wp-content\/uploads\/2025\/05\/faviicon-1.jpg","width":1067,"height":1067,"caption":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)"},"image":{"@id":"https:\/\/gtht.com.vn\/#\/schema\/logo\/image\/"}}]}},"_links":{"self":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/research\/30835\/"}],"collection":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/research\/"}],"about":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/types\/research\/"}],"author":[{"embeddable":true,"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/users\/12\/"}],"wp:attachment":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=30835"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=30835"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=30835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}