We upgrade our rating for CTG from OUTPERFORM to BUY with a new TP of VND36,950 (a 66% increase) from VND22,200, offering a total upside of 23.8%. The upgrade in TP is mostly due to a faster than expected process of provisioning for VAMC. We slightly upgrade our forecast for net interest income by 3.8% for 2018, reaching VND33tn (USD1.5bn, +22.5% Y-o-Y), driven by (1) a 7-bp increase in NIM to 2.94% for 2018F due to retail focus (2) a 2.7% upgrade in gross loans (+16.5% Y-o-Y).