TCB – Update – Entering sustainable growth phase amid challenges in the real estate sector
Posted: Mar 10, 2026
- TCB’s advantage of low funding costs supported by a strong CASA base is expected to help TCB maintain credit growth and protect NIM in 2026.;
- Credit cost in 2026 is projected to remain comparable to 2025 levels, ensuring the NPL stays below 1.3% while profit growth above 15%;
- We maintain our ADD recommendation with a revised target price of VND 41,800/share, reflecting adjustments in the discount rate applied in the Residual Income valuation model. Our 2026 earnings forecast remains unchanged, and the target P/B of 1.7x is applied to projected book value at the end of 2026
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