HDB – Update – Superior performance sustained
Posted: Aug 27, 2026
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We expect HDB to complete its full-year 2026 business plan, maintaining ROE well above the sector average at over 25%;
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Higher credit growth comes with greater bad-debt pressure, keeping the LLR ratio short of the 70% target;
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We maintain our ADD rating on HDB and keep our target price at VND38,350/share. Our target P/B is revised down to 1.6x in line with the sector-wide valuation de-rating amid the high interest-rate environment.
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