Summary – VPB reported its Q3 2017 earnings, outpacing our conservative estimates and management’s FY2017 guidance trajectory. Q3 net income at VND1.9 trillion (USD83.7 million) came in 18% ahead of our estimate. With a 15%+ beat likely of FY 2017 management guidance and a 18%+ beat of consensus estimates, we expect consensus earning and TP upgrades over the coming weeks.