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MBB - ADD - Unjustified valuation on dilution concerns - Update

We revised our rating from BUY to ADD and cut our target price from VND17,500 to VND15,500 due to weakened margins and deteriorating asset quality. We still like MBB for its above peer results, high dividend yield and undemanding valuation, but not as bullish as before. Strong loan growth and lower provision charges will likely be key drivers. We expect FY13 NPAT to rise 11%. MBB trades at FY13 PE of 5.7x and FY13 PB of 1.0x.