ACB posted an unconsolidated loss of VND496 billion in Q3 alone due to significant losses of VND1,144 billion in forex and gold trading, mostly from covering short gold positions while domestic gold prices rose. On a 9M basis, the bank posted 9M pre-tax earnings of VND1,188 billion (-58% yoy) against a full year target of VND5,500 billion. The stock is trading at P/B of 1.2x, slightly lower than peers’ average of 1.3x.