We reiterate a BUY rating for VPB due to a compelling valuation with ROAA expected to trend up to 2.6% in 2018, NPL formation slowing at the parent level, a high base of NII and growth momentum of NOII supported by both VPB standalone and FE Credit. However, we revised down our 12M TP to VND34,300, offering 36.9% upside as the performance of FE Credit during H1 2018 was lower than expected due to an NPL spike boosting credit costs and lowering expectations in loan growth.