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ACB [O-PF +12.9%] - ACB loses high ground amid conservative approach - Update

We maintain our rating for ACB as OUTPERFORM and adjust our TP down by 16% to VND44,500 representing a total upside of 12.9%. TP adjustment was mainly the result of holding NIM constant and forecasting for fee and commission growth in 2018 to be roughly in line with 2017. Net profit jumped 139% YoY in Q1 2018 and 94% on a QoQ basis thanks to a dramatic decline in provisioning following the completion of the provisioning process for legacy problem assets in 2017.