TCB [BUY +65.9%] - 2018 outlook remains intact, reiterate BUY - Update
We reiterate our BUY rating for TCB, offering a return of 67.8%. A unique ecosystem with a conservative balance sheet growth strategy and a strong capital buffer should deliver sustainable growth. We maintain our loan growth at 20% Y-o-Y as loan disbursement is set to accelerate in H2 2018. Strong deposit growth derived from transactions is expected to lift up the CASA ratio, fulfilling our 2018 NIM forecasts.