CTG - [O-PF +20.0%] - Still positioned for growth but about to brush regulatory ratios - Update
We maintain our OUTPERFORM rating for CTG with the target price of VND18,700. CTG navigated the post-financial crisis years better than direct peers. This name still has a hard time detaching itself from an association with its near equal size SOE peer, but a sober reading of the past few years indicates better management. Comparing publicised problem assets between CTG and BID reveals significantly lower headline exposure at CTG and in our view superior ability to recover.