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Forecasts: PBT is projected at VND625 bn (-72.7% yoy) due to the sharp increase provision expense for PNB assets in Q4.2015, accumulated amount for entire year of VND2,971 bn. 2014 credit and deposit are forecasted to grow at 18% and 18.5% YTD. Expected NIM and LDR decrease significantly in Q4 due to the merger. Because of the pessimistic outlook after merger, we recommend WATCH for STB.
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