{"id":21230,"date":"2019-04-26T18:37:55","date_gmt":"2019-04-26T11:37:55","guid":{"rendered":"https:\/\/yuanta.com.vn\/?post_type=phan-tich&p=21230"},"modified":"2019-04-26T18:37:55","modified_gmt":"2019-04-26T11:37:55","slug":"stb_legacy-npa-recoveries-are-on-track","status":"publish","type":"phan-tich","link":"https:\/\/yuanta-uat.ysvn.com.vn\/en\/analysis\/stb_legacy-npa-recoveries-are-on-track","title":{"rendered":"STB_Legacy NPA recoveries are on track"},"content":{"rendered":"

BUY<\/strong><\/p>\n

Current price (04-26-19): VND 11,950<\/p>\n

Target price:<\/strong> VND 14,049<\/strong><\/p>\n

Upside: \u00a017.6%<\/strong><\/p>\n

Summary: <\/strong>We attended STB\u2019s AGM on April 26th<\/sup>. The key takeaway from the meeting is the positive progress on resolving legacy non-performing assets (NPAs). We are also impressed by the continuing turnaround in the underlying business, as outlined in our report 23 of April titled \u201cSTB_1Q19 results boslter confidence<\/a>\u201d. Legacy asset recoveries and robust business results support our confidence in STB, and we reiterate our BUY rating.<\/p>\n

Restructuring of legacy NPAs continues. <\/strong>STB resolved VND12 tn of legacy assets in 2018 vs its initial target of VND 15 tn. This was down from VND 19 tn in 2017 (initial target: VND 20 tn). STB said it plans to restructure another VND 10 tn in NPAs (including VND2-4 tn of accrued interest) in 2019. Given that VND 5 tn of NPAs was resolved in 1Q19, we believe that STB should be able to fulfill their full-year target.<\/p>\n

NPAs = 20% of assets (and that\u2019s a good thing). <\/strong>Net on-balance sheet NPLs, net VAMC bonds, accrued interest, and other receivables represent 20% of total assets as of 1Q19. This is obviously a very high number; but the trend has been persistently favorable since 2017A, when NPAs peaked at 27% of total assets (see figure 1). We believe that the 16% QoQ \/ 47% YoY jump in 1Q19 net interest income was due to 1Q19 recoveries as funds are freed up to support healthy (and therefore interest-earning) assets.<\/p>\n

For the complete report, please access here: STB_AGM Takeaways_04 26 19<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

BUY Current price (04-26-19): VND 11,950 Target price: VND 14,049 Upside: \u00a017.6% Summary: We attended STB\u2019s AGM on April 26th. The key takeaway from the meeting is the positive progress on resolving legacy non-performing assets (NPAs). We are also impressed by the continuing turnaround in the underlying business, as outlined in our report 23 of…<\/p>\n","protected":false},"author":10,"featured_media":0,"template":"","class_list":["post-21230","phan-tich","type-phan-tich","status-publish","hentry","analysis-category-company-update","analysis-category-financials"],"acf":[],"yoast_head":"\nSTB_Legacy NPA recoveries are on track | Yuanta Vietnam<\/title>\n<meta name=\"description\" content=\"BUY Current price (04-26-19): VND 11,950 Target price: VND 14,049 Upside: \u00a017.6% Summary: We attended STB\u2019s AGM on April 26th. 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