{"id":9604,"date":"2021-05-05T08:27:28","date_gmt":"2021-05-05T01:27:28","guid":{"rendered":"https:\/\/gtht.com.vn\/?post_type=research&p=9604"},"modified":"2021-10-14T08:28:16","modified_gmt":"2021-10-14T01:28:16","slug":"vpb-flash-note_kqkdq12021_expected-to-recover-from-2h2021","status":"publish","type":"research","link":"https:\/\/gtht.com.vn\/en\/research\/vpb-flash-note_kqkdq12021_expected-to-recover-from-2h2021\/","title":{"rendered":"VPB Flash Note_KQKDQ12021_Expected to recover from 2H2021"},"content":{"rendered":"

Business results Q1\/2021<\/strong><\/span><\/p>\n

– In Q1\/2021, VPB continued to maintain earnings growth compared to Q12020 with PBT+37.6% mainly due to op-erating costs reduction. This is also a relatively low growth rate compared to the overall sector in the first quarter.<\/span><\/p>\n

– On the earnings side, FE Credit has not recovered (ENR), causing bank\u2019s total credit to grow just over 2%ytd while earnings from interest rates slightly increased by only 0.68% yoy. A sharp drop in COF is the main motivation for improving net interest income. Meanwhile, increasing service income (+42%) and revenues from bad debt han-dling (+75%) are key growing drivers for non-interest in-come (+2.5%yoy).<\/span><\/p>\n

– The handling of bad debts and restructured debts under Cir.01 is positive as restructured loans declined to VND 7.5 trillion (2.2% of total outstanding debt) at the end of Q12021.<\/span><\/p>\n

Recommendation:<\/strong><\/span><\/p>\n

VPB shares are trading around 58,000VND\/share, correspond-ing to P\/B 2.41, higher than most banks in the sector (only below VCB) and 10%-20% higher than the same-size com-mercial banks.<\/span>
\nTherefore, IVS rated “NEUTRAL” for VPB shares when the current price has reflected expectations of FE Credit divest-ment as well as the bank’s business prospects.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9604","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"VPB Flash Note_KQKDQ12021_Expected to recover from 2H2021 - 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\/vpb-flash-note_kqkdq12021_expected-to-recover-from-2h2021\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"VPB Flash Note_KQKDQ12021_Expected to recover from 2H2021 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"og:description\" content=\"Business results Q1\/2021 – In Q1\/2021, VPB continued to maintain earnings growth compared to Q12020 with PBT+37.6% mainly due to op-erating costs reduction. This is also a relatively low growth rate compared to the overall sector in the first quarter. – On the earnings side, FE Credit has not recovered (ENR), causing bank\u2019s total credit […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtht.com.vn\/en\/research\/vpb-flash-note_kqkdq12021_expected-to-recover-from-2h2021\/\" \/>\n<meta property=\"og:site_name\" content=\"Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-14T01:28:16+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\\\/vpb-flash-note_kqkdq12021_expected-to-recover-from-2h2021\\\/\",\"url\":\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/vpb-flash-note_kqkdq12021_expected-to-recover-from-2h2021\\\/\",\"name\":\"VPB Flash Note_KQKDQ12021_Expected to recover from 2H2021 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/gtht.com.vn\\\/#website\"},\"datePublished\":\"2021-05-05T01:27:28+00:00\",\"dateModified\":\"2021-10-14T01:28:16+00:00\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/gtht.com.vn\\\/en\\\/research\\\/vpb-flash-note_kqkdq12021_expected-to-recover-from-2h2021\\\/\"]}]},{\"@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":"VPB Flash Note_KQKDQ12021_Expected to recover from 2H2021 - 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\/vpb-flash-note_kqkdq12021_expected-to-recover-from-2h2021\/","og_locale":"en_US","og_type":"article","og_title":"VPB Flash Note_KQKDQ12021_Expected to recover from 2H2021 - Ch\u1ee9ng Kho\u00e1n Guotai Haitong (Vi\u1ec7t Nam)","og_description":"Business results Q1\/2021 – In Q1\/2021, VPB continued to maintain earnings growth compared to Q12020 with PBT+37.6% mainly due to op-erating costs reduction. 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