MBB – We reiterate our ADD recommendation for MBB and lift the target price to VND27,700

November 15, 2017

■ Continued push into retail lending paid off with a large expansion in net interest margin (NIM).
■ Sound performance in 9M2017 accelerated bad debt provisioning.
■ High profit growth forecasted for 2018 and 2019 as MBB reaches the end of the current provisioning cycle.
■ Healthy capital and loan-to-deposit position ensure high loan growth in the coming years.

MBB-EarningsUpdate-20171115

MBB – We reiterate our ADD recommendation for MBB and lift the target price to VND27,700

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