ACB – ACB’s share price rallied 27% over the last month
ACB – ACB’s share price rallied 27% over the last month
January 21, 2017
■ ACB’s chairman guided that the bank expects to finish cleaning up its legacy bad debts in 2017, which has driven the share price substantially over the last month.
■ ACB wrote down over 41% of its troubled assets related to its scandal tainted former Vice Chairman Kien as of end-3Q16.
■ We expect ACB’s earnings growth to accelerate in FY17F and to surge in FY18F.
■ We raised our target price by 29%; that target price is now based on 1.8x FY17F P/BV. ACB is our top Vietnam bank stock pick for 2017.
