{"id":6969,"date":"2021-08-13T07:56:11","date_gmt":"2021-08-13T00:56:11","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&#038;p=6969"},"modified":"2021-08-13T07:56:11","modified_gmt":"2021-08-13T00:56:11","slug":"ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\/","title":{"rendered":"CTG Equity Report_Buy Upside 16.1_Fruitful result in medium long term"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>INVESTMENT THESIS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif;\">Business result 1H2021: CTG recorded credit growth of 6%ytd. Customer deposit growth is also at a good level compared to the whole industry, +5%ytd. In the first 6 months of the year, the bank&#8217;s TOI reached VND 27,000 billion, + 30.7% yoy. Meanwhile, operating expenses rose more slowly at +16.7%yoy, causing CIR ratio to fall from 31.9% to 28.5%. The bank&#8217;s 6-month accumulated pre-tax profit reached VND 10,850 billion (ranked 3rd in the industry), up 45.4%yoy.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif;\">The post-restructuring phase of CTG will explode thanks to retail activity, through which we expect new SME and individual disbursement to lead the bank&#8217;s credit growth to 9.65% in 2021. NII improved thanks to more advantaged cost of funds; service income increased by 50%yoy and the improved CIR rate will help PBT grow by 31.74% yoy, reaching VND 22,507 billion in 2021. In addition, the resonated advantage from capital increase creates a strong capital buffer for the bank to grow strongly in the medium and long term.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>RISKS<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif;\">In the short term, the bank&#8217;s profits are affected by the epidemic. Supporting packages\u00a0and new bad debts leading to increased provision expenses, will lower the bank\u2019s profit<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif;\"><strong>RECOMMENDATION<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif;\">CTG shares have had a sharp increase of more than 100% in the past 1 year. Currently, the P\/B of the bank is relatively high compared to the peers, which are banks with the same size of equity and outstanding loan in Pacific- Asia countries. Despite this, CTG&#8217;s P\/B is currently 1.74, lower than the P\/B of the SOBs group and the industry-leading private commercial group such as TCB, MBB. Therefore, resonating with positive business prospects, we recommend &#8220;<strong>BUY<\/strong>&#8221; CTG shares with a target price of\u00a0<strong>39,200VND\/share<\/strong>, equivalent to upside 16.1%.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif;\"><a href=\"https:\/\/www.ivs.vn\/userfiles\/GTJASVN_CTG%20Equity%20Report_Buy%20Upside%2016.1_Fruitful%20result%20in%20medium%20long%20term_Aug2021_Nhungtth%20-%20Eng.pdf\">Report here<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-6969","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>CTG Equity Report_Buy Upside 16.1_Fruitful result in medium long term - 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_buy-upside-16-1_fruitful-result-in-medium-long-term\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CTG Equity Report_Buy Upside 16.1_Fruitful result in medium long term - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT THESIS Business result 1H2021: CTG recorded credit growth of 6%ytd. Customer deposit growth is also at a good level compared to the whole industry, +5%ytd. In the first 6 months of the year, the bank&#8217;s TOI reached VND 27,000 billion, + 30.7% yoy. Meanwhile, operating expenses rose more slowly at +16.7%yoy, causing CIR ratio [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtht.com.vn\/en\/research\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\/\" \/>\n<meta property=\"og:site_name\" content=\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\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\\\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\\\/\",\"name\":\"CTG Equity Report_Buy Upside 16.1_Fruitful result in medium long term - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\"},\"datePublished\":\"2021-08-13T00:56:11+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\\\/\"]}]},{\"@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":"CTG Equity Report_Buy Upside 16.1_Fruitful result in medium long term - 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\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\/","og_locale":"en_US","og_type":"article","og_title":"CTG Equity Report_Buy Upside 16.1_Fruitful result in medium long term - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","og_description":"INVESTMENT THESIS Business result 1H2021: CTG recorded credit growth of 6%ytd. Customer deposit growth is also at a good level compared to the whole industry, +5%ytd. In the first 6 months of the year, the bank&#8217;s TOI reached VND 27,000 billion, + 30.7% yoy. Meanwhile, operating expenses rose more slowly at +16.7%yoy, causing CIR ratio [&hellip;]","og_url":"https:\/\/gtht.com.vn\/en\/research\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\/","og_site_name":"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","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\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\/","url":"https:\/\/gtht.com.vn\/en\/research\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\/","name":"CTG Equity Report_Buy Upside 16.1_Fruitful result in medium long term - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","isPartOf":{"@id":"https:\/\/gtht.com.vn\/#website"},"datePublished":"2021-08-13T00:56:11+00:00","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtht.com.vn\/en\/research\/ctg-equity-report_buy-upside-16-1_fruitful-result-in-medium-long-term\/"]}]},{"@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\/6969\/"}],"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\/1\/"}],"wp:attachment":[{"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=6969"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=6969"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtht.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=6969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}