Company Insight

Given the relatively unpredictable impacts of tariff policies, we cautiously forecast credit growth of approximately 16.5% for 2025. NIM is expected to slightly decrease and remain around the 4.0% level. The consolidated NPL ratio is projected to be at 1.2%. Total operating income is forecast to reach VND 54,639 billion (+16% year-on-year). Pre-tax profit is expected to reach VND 31,548 billion (+15% year-on-year). This downward adjustment primarily stems from the narrowing NIM.

Using the residual income (RI) method and the P/B ratio method, we update our target price for TCB at VND31,000.

In the short term, the TCBS IPO is highly anticipated by many investors. Additionally, TCB is also in the process of selling a 15% stake to a strategic investor. These positive signals related to successful capital raising are expected to have a positive impact on TCB's valuation.