{"id":20897,"date":"2019-04-23T18:18:22","date_gmt":"2019-04-23T11:18:22","guid":{"rendered":"https:\/\/yuanta.com.vn\/?post_type=phan-tich&#038;p=20897"},"modified":"2019-04-25T11:28:33","modified_gmt":"2019-04-25T04:28:33","slug":"1q19-results-bolster-confidence","status":"publish","type":"phan-tich","link":"https:\/\/yuanta-uat.ysvn.com.vn\/en\/analysis\/1q19-results-bolster-confidence","title":{"rendered":"STB_1Q19 results bolster confidence"},"content":{"rendered":"<p><strong>BUY<\/strong><\/p>\n<p>Current price (04-23-19): VND 12,050<\/p>\n<p><strong>Target price:<\/strong> <strong>VND 14,049<\/strong><\/p>\n<p><strong>Upside: \u00a017.1%<\/strong><\/p>\n<p><strong>Summary: <\/strong>STB beat expectations with 1Q19A net income of VND 844bn, an increase of 113% YoY. The share price closed up 4% DoD, indicating that the Street liked the bottom line, which was likely boosted by loan loss recoveries. However, we are more impressed by the continued turnaround in STB\u2019s underlying earnings drivers \u2013 net interest income, fees, and cost efficiencies. The results boost confidence in our BUY rating on STB \u2013 a turnaround story for the long haul.<\/p>\n<p><strong>Net interest income<\/strong> <strong>+16% QoQ \/ +47% YoY.<\/strong> The details are unclear, but we believe this was driven by a continued shift in the balance sheet as nonperforming assets are run down and funding is shifted to interest earning assets, as well as from organic new loan growth. NPL-related receivables declined by VND 3.2 trillion (-7%) from the start of the year, with the majority of asset growth (+5% QoQ) coming from net loans (+6% QoQ).<\/p>\n<p><strong>Fee income (-30% QoQ \/ +18% YoY)<\/strong> was also a highlight despite the sequential decline. We believe the 4Q18 number was boosted by lumpy bancassurance-related income as STB has reported yearly-high quarterly fee income figures in both 4Q17 and 4Q18.<\/p>\n<p>For the complete report, please access here: <a href=\"http:\/\/yuanta-uat.ysvn.com.vn\/wp-content\/uploads\/2019\/04\/STB_1Q19-results-4.pdf\">STB_1Q19 results<\/a><\/p>\n<p>Analyst: <strong>Tanh Tran<\/strong>, <em>tanh.tran@yuanta.com.vn<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUY Current price (04-23-19): VND 12,050 Target price: VND 14,049 Upside: \u00a017.1% Summary: STB beat expectations with 1Q19A net income of VND 844bn, an increase of 113% YoY. The share price closed up 4% DoD, indicating that the Street liked the bottom line, which was likely boosted by loan loss recoveries. However, we are more&#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"template":"","class_list":["post-20897","phan-tich","type-phan-tich","status-publish","hentry","analysis-category-company-update","analysis-category-financials"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.3 (Yoast SEO v23.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>STB_1Q19 results bolster confidence | Yuanta Vietnam<\/title>\n<meta name=\"description\" content=\"BUY Current price (04-23-19): VND 12,050 Target price: VND 14,049 Upside: \u00a017.1% Summary: STB beat expectations with 1Q19A net income of VND 844bn, an\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"STB_1Q19 results bolster confidence\" \/>\n<meta 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