- We maintain our BUY rating and raise our target price (TP) by 7.7% to VND35,000/share as we roll our TP horizon forward to mid-2026, the positive impact of which is partially offset by our lower aggregate 2025-2029F earnings forecast by 3.4% (respective changes of -3.1%/-4.7%/-4.2%/-3.3%/-2.3% for 2025/26/27/28/29F).
- The bank is trading at a trailing P/B of 1.37x, slightly above its five-year average of 1.34x.
- Downside risks: Higher-than-expected NPL and provision expenses.
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