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VCB [M-PF +3.6%] - Q1 2016 marks the beginning of good times - Update

We have a MARKETPERFORM rating for VCB and increase the target price to VND47,800 due to good results achieved in Q1 2016 and fast progress in clearing bad debts. Since the release of Q1 results, the share price has increased 10.6% and we estimate that the stock is close to fair value at its current price level. Post-2016 stock dividend, the target price will adjust to VND35,700.