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VCB - Strong loan growth and active bad debt management in Q2 2016 - Earnings Flash

VCB recently released financial statements for H1 2016 with positive results and continued improvement of asset quality. We will be issuing a detailed update report in the coming time and expect to raise our TP due to high loan growth and lower NPLs. However, as the share price has run up quickly recently, we view that VCB is fairly valued and reiterate our MARKETPERFORM rating for this bank.