Following the release of 3QFY12 results, we are cutting our pretax earnings forecast for FY12 by 7% to VND3,157bn because of (i) lower-than-expected credit growth, (ii) weak fee income due to the difficult business environment, and (iii) a rising cost-to-income ratio. We have revised down our target price on EIB from VND14,900 to VND14,100, which gives the stock 3% downside from last Friday’s close. We maintain our HOLD rating.