STB – Update – The restructuring process continues to be prolonged, restraining growth momentum in the medium term
Posted: Apr 22, 2026
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NIM declines together with lower credit growth YoY, causing net interest income to slightly decrease by 4.2% in 2026;
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Provision expenses remain elevated with credit cost around 1% in order to bring the non-performing loan (NPL) ratio below the 5% target;
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We recommend HOLD with a 12-month target price of VND 58,800 per share.
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