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MBB - BUY - Strong 1H, very likely to meet targets - Update

We reiterate our BUY rating and target price at VND17,300 (upside 25%). Despite the banking system’s disappointing results in 1H FY12, MBB remains our most favourite stock pick thanks to its strong earnings growth that was in line with our full year target. We see positive efforts in controlling asset quality and fee income continues to grow at 19%. The stock is trading at 1.1x book and 5.1x forward P/E, both lower than peers’ 1.4x and 8.2x.