Research Centre
Free access to research reports covering macro economy, market, sectors or individual stocks |
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| Title |
MBB - Military commercial JSB |
| Source |
| VCSC |
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| Type |
Summary Report |
| Business |
Military Commercial Joint Stock Bank |
| Ticker |
MBB |
| File Detail |
| Date: 21/05/2012 |
Page: 18 |
File Type |
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| Description |
VCS initiate coverage on MBB with an ADD rating and target price of VND17,300. Our target price of VND17,300 represents a 15% upside from the current price of VND15,000. MBB is trading at FY12E P/B of 1.2x vs. 1.7x peers and P/E of 5.6x on FY12E EPS of VND2,665 vs. peers’ P/E of 9.3x peers. MBB is attractive on relatively cheap P/E and P/B valuations compared to peers. Our selected peer group is comprised of ACB, CTG, EIB, STB and VCB. VCS also think eventual inclusion in ETFs could offer short-term price catalyst.
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