{"id":17666,"date":"2023-02-07T10:14:27","date_gmt":"2023-02-07T03:14:27","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=17666"},"modified":"2023-02-07T10:14:27","modified_gmt":"2023-02-07T03:14:27","slug":"gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/","title":{"rendered":"GTJASVN_Equity Report_STB_Buy_End of the restructuring journey"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">INVESTMENT THESIS<\/span><\/strong><\/p>\n<p style=\"text-align: justify\"><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Expectations to complete the restructuring project: Reducing the pressure of provision costs, releasing earning assets, and the revenue from sales of collateral for outstanding bad debts are 3 factors that help improve future income of STB.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Consistent business strategy helps increase income sharply. The bank\u2019s PBT is expected to increase by 56% in 2023 thanks to (1) net interest income continuing to improve by 15% (2) service income increasing by 17% and (3) falling provision expenses due to reduced provisioning pressure on restructuring debt.<\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">RECOMMENDATION<\/span><\/strong><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">With the expectation that STB will successfully restructure and complete VAMC bad debt settlement in 2023, business performance will improve in both credit and service aspects, we value STB at V<strong>ND 40,000\/share<\/strong> and recommend &#8220;<strong>Buy<\/strong>&#8221; STB with an expected 1-year return of 53% compared to the closing price on February 3, 2023. The recommended price does not include expectations related to the proceeds from the sale of collateral for VAMC bonds.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Although a successful restructuring is the main expectation, we believe that it is prudent to consider the new governance factor in considering the bank&#8217;s prospects. The successful transfer of 32.5% shares is still a mystery and represents a major turning point for the bank&#8217;s business over the long-term.<\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-17666","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>GTJASVN_Equity Report_STB_Buy_End of the restructuring journey - 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\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GTJASVN_Equity Report_STB_Buy_End of the restructuring journey - GTJA\" \/>\n<meta property=\"og:description\" content=\"INVESTMENT THESIS Expectations to complete the restructuring project: Reducing the pressure of provision costs, releasing earning assets, and the revenue from sales of collateral for outstanding bad debts are 3 factors that help improve future income of STB. Consistent business strategy helps increase income sharply. The bank\u2019s PBT is expected to increase by 56% in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@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\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/\",\"name\":\"GTJASVN_Equity Report_STB_Buy_End of the restructuring journey - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2023-02-07T03:14:27+00:00\",\"dateModified\":\"2023-02-07T03:14:27+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GTJASVN_Equity Report_STB_Buy_End of the restructuring journey\"}]}]}<\/script>","yoast_head_json":{"title":"GTJASVN_Equity Report_STB_Buy_End of the restructuring journey - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/gtjasvn_equity-report_stb_buy_end-of-the-restructuring-journey\/","og_locale":"en_US","og_type":"article","og_title":"GTJASVN_Equity Report_STB_Buy_End of the restructuring journey - GTJA","og_description":"INVESTMENT THESIS Expectations to complete the restructuring project: Reducing the pressure of provision costs, releasing earning assets, and the revenue from sales of collateral for outstanding bad debts are 3 factors that help improve future income of STB. 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