Shares of four Vietnamese banks may rise 14-68 percent in 12 months, according to JP Morgan’s Asia Pacific Equity Research. Customers do transactions at Techcombank (Source: cafef.vn) The New York-based financial institution said in its research that the Vietnamese banks “offered an increasingly rare combination of high and self-sustaining earnings growth.” “This, with a favourable credit cycle, should lead to significant multi-year returns,” the US bank reported early this month. In addition, high visibility on nominal gross domestic product (GDP) and current account surplus allows “extrapolation of strong earnings and credit growth in Vietnam.” JP Morgan rated shares of the Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), the Vietnam Technological and Commercial Joint Stock bank (Techcombank) and the Asia Commercial Joint Stock Bank (ACB) at over weight and the Vietnam Prosperity Joint Stock Commercial Bank (VPBank) at neutral. The banks under JP Morgan’s coverage are expected to deliver 15-21 percent return-on-equity (RoE) ratios in the next two years as “they have started making money on both sides of the balance sheet.” JP Morgan also highlighted favourable cyclical positioning as a defining feature of the Vietnamese banking system, which managed asset quality problems well in 2012-13. It spoke highly of the creation of the Vietnam Asset… Read full this story
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