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VPB [BUY +56.3%] - Better understanding of next leg of growth will reward - Update

We reiterate a BUY rating and maintain our TP at VND78,000, offering 39.5% upside. The consumer finance sector should and still offers plenty of growth, as evidenced by strong Q1 2018 performance of Home Credit at roughly double FE Credit’s growth rate. Internally, although FE Credit’s loan growth was 4.1% Q-o-Q in the first quarter, VPB management is still confident about meeting AGM guidance of 35% loan growth at FE Credit, as evidenced by a pending July 2018 capital increase of VND2.8