LPB – plans to list on UPCOM in 3Q2017. We initiate coverage on LPB with an ADD rating and target price of VND17,200 per share.

August 28, 2017

■ Credit growth to remain strong. Relatively better capital buffer (CAR ~13.2% at 2016-end) and strong liquidity (LDR ~ 79% at 1Q2017-end)
■ 1H results were positive with EBT almost doubling the figure of the same period last year.
■ LPB has been approved for an additional issuance of 104 mn shares including 38.76 mn shares for stock dividend (at ratio of 100:6) and 65.25 mn shares for private placement or ESOP.

LPB_Initial_20170825

LPB – plans to list on UPCOM in 3Q2017. We initiate coverage on LPB with an ADD rating and target price of VND17,200 per share.

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