Company Insight

With the residual method (RI) and the comparative method based on the P/B ratio, we initialize target price for ACB in the next 12 months at VND33,500, upside potential at 38.7%. ACB is strategically oriented by management to be the leading retail bank in Vietnam. This is also a bank with a cautious development strategy, not investing in corporate bonds. In terms of asset quality, this bank is one of the pioneer banks to complete the BASEL III standard. ACB has good credit growth and is improving its business model day by day. We think that ACB's stock has now discounted to an attractive price.