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HDB [O-PF +10.7%] - Extended credit growth quota new benefit of PGB deal - Update

We revise our rating for HDB to O-PF and slightly raise the TP up to VND39,500, offering 9.8% upside, along with a quasi-dividend yield of 8.3%. The TP is the result of an upward push from NoII revision and CIR improvement while a higher equity risk premium weighed on the TP. We have already factored in the impact of the PG Bank (“PGB”) acquisition in our initiation report and expect regulatory approval in mid-September 2018.