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CTG - MARKET PERFORM - Some exceptional derisking alongside nagging escalation of risk-weighted assets - Update

We raise our target price to VND17,500, though maintain a MARKET PERFORM rating. The heart of the issue at CTG is that RWA/total assets has jumped markedly in 2014 and growing the loan book at these levels is taxing on CAR ratio. Like BID, balance sheet is tracking in the right direction and in particular over-collateralisation level saw marked jump in 2014.