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VCB [M-PF -4.7%] – VCB’s deft financial mgmt prompts NIMs upgrade

In our opinion, VCB has the best chance out of all listed banks to complete an issuance of primary stock in 2015. The result will be to scramble the capital raising timeline of its peers. VCB deftly expanded its USD lending business in 5M15, higher yielding vis-a-vis VND lending, before deflating this in June and booking the ~USD1bn govt bond (inferred).