TCB [BUY +40.6%] - Best-in-class private bank trading at bargain price - Update

- We maintain our BUY rating and target price of VND42,600/share as the positive impact from (1) a 6.2% increase in our aggregate 2026-2030F earnings forecast is offset by (2) a higher COE due to a higher risk-free rate (RFR) assumption.

- Downside risks: Weaker-than-expected NIM, higher-than-expected NPL.

- Upside catalyst: Higher-than-expected credit growth.

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