{"id":43244,"date":"2019-12-19T12:15:50","date_gmt":"2019-12-19T05:15:50","guid":{"rendered":"https:\/\/yuanta.com.vn\/?post_type=phan-tich&#038;p=43244"},"modified":"2019-12-19T12:21:55","modified_gmt":"2019-12-19T05:21:55","slug":"stb_preliminary-4q19","status":"publish","type":"phan-tich","link":"https:\/\/yuanta-uat.ysvn.com.vn\/en\/analysis\/stb_preliminary-4q19","title":{"rendered":"STB_Preliminary 4Q19"},"content":{"rendered":"<p><span style=\"font-size: 14pt\"><strong>BUY<\/strong><\/span><\/p>\n<p>Price: VND9,940 (18 Dec 2019)<\/p>\n<p><strong>Target price: VND14,049<\/strong><\/p>\n<p>Upside: 41%<\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt\"><strong>Events<\/strong><\/span><\/p>\n<ul style=\"list-style-type: disc\">\n<li>STB\u2019s preliminary 4Q19 PBT is reported to be down -33% QoQ and -26% YoY (source: Cafef).<\/li>\n<li>However, the reported 2019 PBT (+42% YoY) is 102% of our full-year forecast and 120% of full-year guidance.<\/li>\n<li>These reported preliminary results are reported by a domestic website and do not include the full financial statements.<\/li>\n<li>The report does not include sufficient information to enable us to calculate 4Q19 total NPAs However, the bank\u2019s reported 4Q19 NPL of 2.00% was flat QoQ but declined 20bps YoY.<\/li>\n<\/ul>\n<p><span style=\"font-size: 18pt\"><strong>Our Take<\/strong><\/span><br \/>\n<strong>Credit growth reached 15.3% YoY, higher than the initial quota of 7% disclosed at the beginning of the year<\/strong>. We believe that the higher level of credit growth helped boost STB\u2019s full-year net interest income by 18% YoY.<\/p>\n<p><strong>4Q19 bottom line declined<\/strong>. PBT reached VND689 bn in 4Q19, down -33% QoQ and -26% YoY.<br \/>\n<strong>However, full-year PBT was up sharply.<\/strong> Preliminary 2019 PBT reached VND3.2 tn (+42% YoY), completing 120% of the bank\u2019s full-year target and 102% of our forecast.<br \/>\nAsset quality has continued to improve. We have yet to see the breakdown of NPAs, but the bank reported that its preliminary category 3-5 NPL ratio was below 2.00% (flat QoQ but down -20bps YoY).<\/p>\n<p><strong>We reiterate BUY on STB,<\/strong> which we view as a turnaround story given its strong core business performance and improving asset quality. Total non-performing assets have fallen steadily in recent quarters, declining 27% of total assets at the peak in 4Q17 to 17% of total assets in 3Q19. We believe that this trend continued in 4Q19 given write-offs of legacy NPAs and growth of new (performing) assets.<\/p>\n<p>For the complete report, please access here: <a href=\"http:\/\/yuanta-uat.ysvn.com.vn\/wp-content\/uploads\/2019\/12\/STB_4Q19-Preliminary_Express-Note.pdf\">STB_4Q19 Preliminary_Express Note<\/a><\/p>\n<p><strong>Analyst: Tanh Tran<\/strong>, <em>tanh.tran@yuanta.com.vn<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>BUY Price: VND9,940 (18 Dec 2019) Target price: VND14,049 Upside: 41% &nbsp; Events STB\u2019s preliminary 4Q19 PBT is reported to be down -33% QoQ and -26% YoY (source: Cafef). However, the reported 2019 PBT (+42% YoY) is 102% of our full-year forecast and 120% of full-year guidance. These reported preliminary results are reported by a&#8230;<\/p>\n","protected":false},"author":10,"featured_media":0,"template":"","class_list":["post-43244","phan-tich","type-phan-tich","status-publish","hentry","analysis-category-company-update"],"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_Preliminary 4Q19 | Yuanta Vietnam<\/title>\n<meta name=\"description\" content=\"BUY Price: VND9,940 (18 Dec 2019) Target price: VND14,049 Upside: 41% &nbsp; Events STB\u2019s preliminary 4Q19 PBT is reported to be down -33% QoQ and -26%\" \/>\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_Preliminary 4Q19\" \/>\n<meta property=\"og:description\" content=\"BUY Price: VND9,940 (18 Dec 2019) Target price: VND14,049 Upside: 41% &nbsp; 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