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MBB - BUY - Firm results for 9MFY12 - Results

Military Bank posts 24% yoy jump in 9M pre-tax earnings. The bank reported pretax earnings of VND2,683bn for 9MFY12 and VND842bn for 3QFY12. MBB has achieved 75% of its full year target of VND3,600bn, in line with our forecast. We think that MBB might be the only listed bank able to fulfil their target for 2012. At its current share price, MBB is trading on a forward PBR of 1x, much cheaper than its peers’ average of 1.3x.