Spring being compressed Growth to rebound strongly post Covid; Maintain BUYVCB tactically managed earnings in 2Q21 to comply with the central bank'srigid control of state-owned banks' earnings growth during Covid. Hence,its 1H21 net profit grew just reasonably by 24% YoY, equal to 47% of ourFY21E forecast. Looking at its war-chest (i.e. NIM, hidden fee incomes,solid […]

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