We maintain our target price (TP) at VND30,700/share but downgrade our rating to MARKET PERFORM from BUY following a 13% increase in the bank’s share price over the last three months as of August 24, 2020. The unchanged TP is mainly because our aggregate net income forecast for 2020-2024 is relatively unchanged (-1%) compared to our previous forecast. TPB’s restructured loan level sits in the middle range of our coverage universe at 3.4% as of H1 2020. We project that restructured loans will