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VCB [SELL -24.5%] - What is the market pricing? - Update

We reiterate our SELL rating and raise our TP by 20% to VND30,200, representing a total downside of 24.5%. VCB is coming off an NPL provisioning cycle and we see longer-term credit costs at 0.8% against 1.1% earlier. We must emphasize that VCB has not achieved such an asset quality level in the last 10 years.