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MBB - Tour-de-force performance reaffirms our BUY rating - Earnings Flash

MBB released solid consolidated results for H1 2018 with a bottom line totalling VND3.0tn (USD132mn, +52% Y-o-Y, in line with our forecasts), reaffirming its growth story. Annualized ROAA and ROAE were 1.9% and 19.5%, respectively. After VAMC clearance, MBB proactively built its provision buffer back to fully cover NPLs. We do not see any change in our rating in the next update.