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GTJASVN_HDB Equity Report_Initial Report_09August 2024_Eng

09/08/2024

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Main catalysts

HDBank’s NIM has consistently outperformed the industry average, with strong loan portfolio growth from 2019 to Q2 2024, especially in SME and manufacturing sectors.

HDB has demonstrated strong deposit growth driven by individual depositors, a shift towards term deposits, and diversification efforts including attracting FDI deposits, suggesting a solid retail banking performance and strategic targeting of high-net-worth individuals and SMEs.

HDB prioritizes traditional banking activities with a strong focus on customer loans while maintaining a balanced and cautious investment portfolio to effectively manage risk and liquidity.

HDB has shown strong and consistent growth in PBT from Q1 2020 to Q2 2024, with particularly high performance in the last two quarters. HDB outperforms the industry average in NIM by successfully increasing asset yield while managing rising COF, indicating effective interest income generation. Additionally, HDB’s growing total income, driven by both net interest and non-interest income, highlights a strategic focus on revenue diversification to enhance financial stability.

HDB’s rising NPLs in line with sector movement, but the bank maintains strong Tier 1 capital and CAR ratios, ensuring financial stability. Effective capital management and stable LDR reflect good liquidity practices, with strategic adjustments in short-term capital for long-term loans.

RECOMMENDATION

The valuation method sets HDB’s share price at 32,920 VND, recommending a buy with a 34% upside from the current price.

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