We reiterate our SELL recommendation with a TP of VND4,615 (no change), representing a total downside of 60.2%. We maintain our estimates on net interest income (1.7% CAGR for 2016-2019F) driven by loan growth (8% CAGR for 2016-2019F). We expect non-interest income to grow at 22.8% CAGR for 2016-2019F. Net income estimates are maintained at -VND644.5 billion (-USD28.6 million) for 2017F, -VND607.5 billion (-USD27 million) for 2018F and -VND662.1 billion (-USD29.4 million) for 2019F.