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

■ 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.