{"id":11727,"date":"2022-01-25T09:43:44","date_gmt":"2022-01-25T02:43:44","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=11727"},"modified":"2022-01-25T09:49:55","modified_gmt":"2022-01-25T02:49:55","slug":"11727","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/11727\/","title":{"rendered":"TPB Equity Report_Hold_Earning phase backed by comprehensive digitalization"},"content":{"rendered":"<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>INVESTMENT THESIS<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>Steadily expanding market share through digitalization.<\/strong> TPB is the second leading digital bank in the\u00a0sector. The bank is the first and only bank launching \u201cLivebank\u201d model from 2017 that is a complete\u00a0digital banking model opened without human contact, a leap from a brick-and-mortar traditional\u00a0banking model. The number of individual customers climbed to 3.8m in 2021 (+72% compared to\u00a0YE2018) while\u00a0eBank\u00a0transaction value tripled after 2 years.\u00a0\u200b In 2021, TPB recorded a credit growth of 23.4%, among top highest growing banks. PBT climbed 38%yoy, reaching 6,038VND bn.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>Asset quality is in safe.<\/strong> In 2021, provision of the bank surged to nearly VND3,000 billion,\u00a0doubled 2020 figure. Moreover, TPB has actively written off bad debts that leads to lower loan loss\u00a0coverage ratio compared to\u00a0peers, but\u00a0brings the asset quality in a safer position.\u200b<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">We believe that TPB still enjoys the <strong>booming phase in the next 5- year period.<\/strong> The achievement in\u00a0digitalization, prudent lending assessment, strong buffer (CAR 14%) and lower provision pressure will lever the bank\u2019s growth in\u00a0coming time.\u00a0\u200b<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>INVESTMENT RISKS<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Extending to exploit the corporate bond business has brought better movement for TPB but risk controlling should be more taken care at the same time. Besides, increasing deposit rate will affect bank\u2019s NIM in the short-term.<\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\"><strong>RECOMMENDATION<\/strong><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Assuming TPB will maintain the credit growth at around 20%\/year, NIM 4.5% and CIR 33% in 2022-2024 period, we determine the target price for TPB shares as 39,700VND\/share. Along with the fact that the P\/B of the stock is at 2.43, which is relatively high compared to peers, we recommend &#8220;<strong>HOLD<\/strong>&#8221; TPB shares with a long-term target price (6-18- month investment term) of <strong>39,700VND\/ share<\/strong>, corresponding to an expected return of 5.1%.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-11727","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>TPB Equity Report_Hold_Earning phase backed by comprehensive digitalization - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/11727\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TPB Equity Report_Hold_Earning phase backed by comprehensive digitalization - GTJA\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT THESIS Steadily expanding market share through digitalization. TPB is the second leading digital bank in the\u00a0sector. The bank is the first and only bank launching \u201cLivebank\u201d model from 2017 that is a complete\u00a0digital banking model opened without human contact, a leap from a brick-and-mortar traditional\u00a0banking model. 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TPB is the second leading digital bank in the\u00a0sector. The bank is the first and only bank launching \u201cLivebank\u201d model from 2017 that is a complete\u00a0digital banking model opened without human contact, a leap from a brick-and-mortar traditional\u00a0banking model. The number of individual customers climbed to 3.8m [&hellip;]","og_url":"https:\/\/gtjai.com.vn\/en\/research\/11727\/","og_site_name":"GTJA","article_modified_time":"2022-01-25T02:49:55+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/gtjai.com.vn\/#website","url":"https:\/\/gtjai.com.vn\/","name":"GTJA","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/gtjai.com.vn\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/gtjai.com.vn\/en\/research\/11727\/#webpage","url":"https:\/\/gtjai.com.vn\/en\/research\/11727\/","name":"TPB Equity Report_Hold_Earning phase backed by comprehensive digitalization - GTJA","isPartOf":{"@id":"https:\/\/gtjai.com.vn\/#website"},"datePublished":"2022-01-25T02:43:44+00:00","dateModified":"2022-01-25T02:49:55+00:00","breadcrumb":{"@id":"https:\/\/gtjai.com.vn\/en\/research\/11727\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtjai.com.vn\/en\/research\/11727\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/gtjai.com.vn\/en\/research\/11727\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtjai.com.vn\/en\/"},{"@type":"ListItem","position":2,"name":"TPB Equity Report_Hold_Earning phase backed by comprehensive digitalization"}]}]}},"_links":{"self":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/11727\/"}],"collection":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/"}],"about":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/types\/research\/"}],"author":[{"embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/users\/1\/"}],"wp:attachment":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/media\/?parent=11727"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=11727"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=11727"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}