VCB – In-depth – [BUY+18%] – Best-in-class performer throughout difficult times

We initiate our coverage on VCB with a BUY rating and a target price of VND100,000, implying a 18% upside by using a residual approach (50%) and P/B method (50%). VCB still maintained profit growth (+18%yoy in 1H2023) and was not pressured by increasing bad debt like other banks. We forecast that 2024F/2025F BVPS could grow 21%yoy