The Affinity Fund claims that HDBank’s ROE for Q1 2025 reached 29.62%, leading commercial banks in Vietnam. Since partnering in 2020, the fund has observed HDBank’s sustainable growth, with profits projected to be nearly 17 trillion VND in 2024, 2.1 times that of 2021. Junjie Tong from Affinity describes HDBank as a model of sustainable growth. Meanwhile, Nguyen Thi Phuong Thao, HDBank’s Vice Chair, emphasized that investors before the IPO have seen a 4.4 times profit increase. The current stock price does not reflect HDBank’s growth potential, particularly as the bank invests heavily in technology and innovation. Tong noted that HDB shares are trading at an attractive valuation of about 1.3 times P/B and under 6 times P/E, indicating potential for value increase in the future.
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