Investment prospect

– With a focus on the construction and real estate industry and customers in the south region, OCB will be short-term affected by this Covid 4th wave outbreak. With the impact expected to last until the end of August 2021, OCB’s credit growth is expected to reach only 21.8% this year instead of 25% as planned by the bank. NIM in the second half of the year is expected to improve by boosting outstanding loan and reduced funding costs by actively mobilizing in international markets with low interest rates.

– In the medium term, the strategy focusing on young customers in retail and real estate (corporate credit) will help the bank maintain a credit growth rate of over 20% per year in the period 2022-2023.

– Regarding the private placement plan, updated in the Analyst Meeting on July 23, 2021, the bank said it would complete negotiations with partners by the end of September and implement the next steps this year.

– Despite lowering our credit growth expectations, we raised our Target Price due to a CIR reduction adjustment from 33% to 30% and an increase in growth expectations for the period 2022-2023.