ACB - [BUY +21.8%] - Shine from core banking sufficient to maintain faith in ACB - Update
We issue a BUY rating on ACB but lower our target price to VND21,800. TP lowered because resolution of NPLs related to six companies will take longer than expected. We are happy with how business fundamentals are tracking, but admit to having been too optimistic on the speed of resolution of six companies related to a former insider. Closer inspection of footnotes in audited statement prompts us to take a more conservative stance to collateral recovery assumptions.