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MBB [M-PF +8.1%] - SBV greenlights sizzling credit growth for 2016 - AGM Note

MBB’s AGM today indicated that the bank has favourable conditions to allow robust credit growth in 2016; however, problem debts will still weigh on the bank. Expecting modest earnings growth, we maintain our target price of VND15,500. Due to stock price gains, we change our rating from OUTPERFORM to MARKETPERFORM and total stock return is calculated at 8.1%.