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CTG [M-PF -0.2%] – A clearer second pick than ever – Update

“Whichever way the Vietnam economy goes CTG is to follow” is a view that has been upgraded following confidence boosting 2Q15 results. Given CTG’s scale, the most important task is to identify problems of scale that will push it off-kilter and at present there is none while its other problems such as low provisioning buffer and relatively high exposure to real estate is only absent in another banking name that some investor find unappealing in terms of valuation.