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BID [OUTPERFORM +13.6%] - BID pivoting to least wholesale of SOCBs, NIM to grow - Update

We reiterate our rating for BID as OUTPERFORM and revise our TP at VND37,800 offering 13.6% upside. We expect a 15% private placement to be signed in H2 2018 and factor it into this update. Net interest income (NII) is expected to grow at 23% Y-o-Y, helped by a 11-bp rise in consolidated NIM. Net fee income (NFI) including FX is forecast to increase by 23% Y-o-Y. NoII will be a key driver for bottom-line growth, which we predict will achieve a 30.3% growth rate in 2018.