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VCB [M-PF +0.4%] - Robust growth outlook is highly possible - Update

We have a MARKETPERFORM rating for VCB and increase the target price to VND53,000 because the increased likelihood of successful capital raising allows for higher growth assumptions. We adjusted loan growth forecasts upward and NPLs forecasts downward based on H1 2016 results. After a 35% stock dividend, the target price will be adjusted to VND39,500.