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ACB [BUY +20.8%] - Performance of non-legacy banking operations hints at eventual earnings power - Update

We propose a BUY rating on ACB with a target price of VND22,100 due to its ability to generate impressive growth from non-legacy banking operations, which facilitates the process of solving problematic assets, thus leaving better quality assets on the balance sheet. We expect that the bank should be able to generate promising NPAT to shareholders from next year when the majority of legacy issues are settled, and especially from 2018, when all issues are expected to be solved.