{"id":9574,"date":"2020-03-25T08:17:07","date_gmt":"2020-03-25T01:17:07","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=9574"},"modified":"2021-10-14T08:19:17","modified_gmt":"2021-10-14T01:19:17","slug":"ivs-short-equity-report_techcombank-tcb","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/","title":{"rendered":"IVS Short Equity Report_Techcombank (TCB)"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>TECHNOLOGICAL JOINT STOCK BANK OF VIETNAM_TECHCOMBANK<\/strong><\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Key figures 2019: (1)<\/strong>\u00a0Net interest income growth of 28.14%yoy, ranking 5th in sector (18 public banks); non-inerest income\/interest income ratio of 47.55%, ranking 3rd; CASA 34.5%, ranking 2nd.\u00a0<strong>(2)<\/strong>\u00a0lead-ing position in terms of capital aquedacy &#038; profitability: CAR 15.5%, NIM 4.45%, ranking 4th; ROA 2.90%, Ranking 2nd.\u00a0<strong>(3)<\/strong>\u00a0High assets quali-ty: NPL 1.33%, down from the previous year.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Impressive business results in 2019 provides the basis for TCB to continue promoting strategic segments such as Bancass and retail loans (housing &#038; auto buying).<\/strong>\u00a0Accordingly, Bancass income will be a highlight in 2020, underpinned by increasing demand for life insurance products (cooperated by TCB &#038; Manulife).<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>According to our preliminary assessment, credit growth in 2020 is expected to be around 14%-15% as the base case (lower than the average growth of 20% during the 2018-2019 period &#038; higher than the credit growth limit of 13% provided by SBV)<\/strong>: declining loans dis-bursement proceeding for retail segment (housing, auto, consumer fi-nance) due to SARS-Cov-2 impact on personal income &#038; real estate pro-ject proceed; large business customers -WB &#038; corporate bond contin-ues contributing ~50% to total credit.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\"><strong>Slower net profit growth<\/strong>\u00a0inspite of positive bancas income, due to declining net interest income growth corresponding to credit growth while securities investment portfolio might turn negative in 2020.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-family: arial, helvetica, sans-serif; font-size: 14px;\">The risk assessment view of new CEO (from Sep 2020) may different from the former as during current CEO term, TCB have recorded rela-tively low provision expenses\/total credit ratio compared to the peers. The adjustment for provision expenses is difficult to forecast.<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-9574","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>IVS Short Equity Report_Techcombank (TCB) - 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\/ivs-short-equity-report_techcombank-tcb\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IVS Short Equity Report_Techcombank (TCB) - GTJA\" \/>\n<meta property=\"og:description\" content=\"TECHNOLOGICAL JOINT STOCK BANK OF VIETNAM_TECHCOMBANK Key figures 2019: (1)\u00a0Net interest income growth of 28.14%yoy, ranking 5th in sector (18 public banks); non-inerest income\/interest income ratio of 47.55%, ranking 3rd; CASA 34.5%, ranking 2nd.\u00a0(2)\u00a0lead-ing position in terms of capital aquedacy &#038; profitability: CAR 15.5%, NIM 4.45%, ranking 4th; ROA 2.90%, Ranking 2nd.\u00a0(3)\u00a0High assets quali-ty: NPL [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-14T01:19:17+00:00\" \/>\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=\"2 minutes\" \/>\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\/ivs-short-equity-report_techcombank-tcb\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/\",\"name\":\"IVS Short Equity Report_Techcombank (TCB) - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2020-03-25T01:17:07+00:00\",\"dateModified\":\"2021-10-14T01:19:17+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IVS Short Equity Report_Techcombank (TCB)\"}]}]}<\/script>","yoast_head_json":{"title":"IVS Short Equity Report_Techcombank (TCB) - 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\/ivs-short-equity-report_techcombank-tcb\/","og_locale":"en_US","og_type":"article","og_title":"IVS Short Equity Report_Techcombank (TCB) - GTJA","og_description":"TECHNOLOGICAL JOINT STOCK BANK OF VIETNAM_TECHCOMBANK Key figures 2019: (1)\u00a0Net interest income growth of 28.14%yoy, ranking 5th in sector (18 public banks); non-inerest income\/interest income ratio of 47.55%, ranking 3rd; CASA 34.5%, ranking 2nd.\u00a0(2)\u00a0lead-ing position in terms of capital aquedacy &#038; profitability: CAR 15.5%, NIM 4.45%, ranking 4th; ROA 2.90%, Ranking 2nd.\u00a0(3)\u00a0High assets quali-ty: NPL [&hellip;]","og_url":"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/","og_site_name":"GTJA","article_modified_time":"2021-10-14T01:19:17+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\/ivs-short-equity-report_techcombank-tcb\/#webpage","url":"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/","name":"IVS Short Equity Report_Techcombank (TCB) - GTJA","isPartOf":{"@id":"https:\/\/gtjai.com.vn\/#website"},"datePublished":"2020-03-25T01:17:07+00:00","dateModified":"2021-10-14T01:19:17+00:00","breadcrumb":{"@id":"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/gtjai.com.vn\/en\/research\/ivs-short-equity-report_techcombank-tcb\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/gtjai.com.vn\/en\/"},{"@type":"ListItem","position":2,"name":"IVS Short Equity Report_Techcombank (TCB)"}]}]}},"_links":{"self":[{"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/research\/9574\/"}],"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=9574"}],"wp:term":[{"taxonomy":"cate_research","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/cate_research\/?post=9574"},{"taxonomy":"specialized","embeddable":true,"href":"https:\/\/gtjai.com.vn\/en\/wp-json\/wp\/v2\/specialized\/?post=9574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}