BID – In-depth – [HOLD+13%] – The Giant’s return to the track

We initiate our coverage on BID with a HOLD rating and a target price of VND55,600, implying a 13% upside, using a residual approach (50%) and P/B method (50%). TTM PB is trading at 2.2x, equivalent to a 5-year historical PB average and we believe this valuation is justified by BID’s sustained return on equity (ROE). In 2024F-2026F, we estimate that BIDV could maintain moderate growth, benefiting from improved operating incomes and maintaining asset quality amid the gradual economic recovery.