Company Insight

- HDBank is a multi-purpose retail bank that targets small and medium-sized enterprises (SMEs) and individual customers in tier-two cities and rural areas. To cater to their specific needs, HDBank develops specialized financial products and services. Additionally, the bank is strengthening its e-banking platform to enhance customer accessibility. This targeted strategy is evident in the bank's impressive performance over the past few years, with asset and profit growth exceeding 25% annually from 2019 to 2023. We believe HDBank can sustain this positive growth trajectory and achieve its 2025 profit target of over 20,000 billion VND. Based on these fundamentals, HDBank's share price for 2025 is projected to be around 34,100 VND.

- Credit is projected to grow 23.7% in 2024, with NIM remaining stable at over 5%. Non-performing loans are expected to stay below 2%, and non-interest income is projected to increase 13.7% YoY. Pre-tax profit is forecast at VND 16,170 billion, representing a 24.2% YoY increase. For 2025, assuming credit growth exceeds 20%, we believe HDB's target of surpassing 20,000 billion VND in profit is feasible. According to information from HDB, the bank is currently in the process of looking for a strategic investor.