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ACB [O-PF +18.6%] - Disposal of legacy assets removes drag on earnings - Update

We are upgrading our rating for ACB from MARKET PERFORM to OUTPERFORM and raising our TP to VND53,000, representing a total upside of 19%. Net profit jumped by 60% Y-o-Y to reach VND2.1tn (USD93.3mn) thanks in part to a one-off gain from reversal of provision expenses for investment securities and a declining CIR from 62% in 2016 to 54% in 2017.