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VPB - FE Credit problems exacerbated by lack of loan growth - Earnings Flash

VPB released 9M 2018 results with a consolidated bottom line of VND4.9tn (USD209mn, +8.9% YoY vs our current FY2018 forecast of +24.7% YoY). Annualized ROAA and ROAE came in at 2.3% and 20.8%, respectively. We see a c.15%-20% downside risk to our earnings forecasts and target price as 9M 2018 net income achieved 61% of our FY forecast, pending a fuller review.