We reiterate our OUTPERFORM rating for ACB with a TP of VND44,500 for a 15.5% upside. Net interest income (NII) in FY2018 is expected to grow 21.8% Y-o-Y, helped by a 3-bp rise in consolidated NIM and a 19% increase in retail and SME lending, contributing 76% to TOI. Net fee income (NFI) with FX is forecast to increase by 38% Y-o-Y, contributing 14% to TOI. Net other income will surge by 35% thanks to a rapid recovery of written-offs debt, including Group 6 losses and VAMC.