| Title | X-Stock | VCB 77,800 +30%: BOOSTED BY POLICY TAILWINDS |
|---|---|
| Report Type | Phân tích công ty |
| Source | BSC |
| Bussiness | VCB |
| Detail |
Date : 29/09/2026 Total pages : 0 Language : English File Type : .PDF FileSize : 483 Kb Download: 0 Download |
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| Short Content |
VALUATION VIEW BSC recommends BUY on VCB with a target price of VND77,800/share, implying 30% upside from the closing price on 15/09/2026. We value the stock using a blended P/B and P/E approach with a 70/30 weighting, corresponding to a target P/B of 2.4x on 2026F book value and a target P/E of 16x. The target price is raised slightly by 2.6% versus our previous report, mainly due to a 10% upward revision to our 2026F PBT forecast. 2Q2026 BUSINESS RESULTS UPDATE: ABOVE EXPECTATIONS ACROSS ALL SEGMENTS Total operating income reached VND26.4tn (+48% YoY), with net interest income +35% YoY and non-interest income +95% YoY. PBT reached VND17.4tn, +58% YoY – the highest in VCB's history. During the period, VCB recognized a one-off gain of VND2tn from asset revaluation; excluding this item, core PBT reached VND15.4tn, still up 40% YoY, well above the single-digit growth of the previous six quarters. INVESTMENT THESIS
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