MBB - [O-PF +13.4%] - Positive changes are taking place - Update
We maintain an OUTPERFORM rating for MBB with a target price of VND15,500. The numbers illustrate a dramatic transformation under the hood of MBB during FY15. Government securities dropped 23.2% YoY in absolute terms with the next highest figure in our coverage universe being STB with 6.8% YoY. Branches and transaction offices increased by 28 units in absolute terms and 13% in relative terms, the relative figure being the highest growth in 2015 ahead of second place BID at 6%.