TPB – Update – Attractive valuation for growth potential

Posted:  Oct 5, 2026

  • We expect TPB’s 2026/2027 PBT to increase by 12.9%/13.6% YoY, supported by solid credit growth and well-controlled credit costs;
  • Asset quality is expected to improve slightly YoY by end-2026;
  • Maintain ADD with a target price of VND 16,600/share.
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