cophieu86.com - MBB: Đã hoàn thành 88,3% KH LNTT cả năm, ước tính giá trị là 27.700đ

Xét trong lịch sử p/b hình như chưa qua nổi 1 bác nhé!!

First 9M earnings note – MBB produces another strong quarter leading to 43.5% growth in first 9M PBT. Forward prospects very positive. Reiterate BUY. Military Bank (MBB – BUY) posted first 9M consolidated pretax profit of VND4,002 billion (+43.5% y/y). Resulting from of 40% y/y growth in net interest income and 84.4% y/y growth in non-interest income while provisioning also increased 71.7% y/y. With this, MBB completed 88.3% of the whole year PBT target of VND4,532 billion (+24% y/y), and 77.8% of HSC’s forecast of VND5,144.4 billion (+40.9% y/y).


Quick conclusion. Reiterate BUY. We have a short-term fair value price at VND27,700, which values the bank at a FY2017 P/B of 1.8 xs, and a medium term fair value price at VND33,000, which values the bank at a FY2018 P/B of 2.0 xs. HSC revises up 2017 forecasts and now looks for 40.9% increase in PBT and then a 25.5% increase in FY2018 PBT. HSC is revising up the 2017 PBT based on new higher 20% credit growth target, significant NIM improvement. YTD credit growth anyway suggests an accelerated growth path compared to the original plan and there is some possibility growth may even surpass this number. MBB is in a very strong position to grow credit by more than the sector average given their strong balance sheet and prudential ratios.