ACB [BUY +33.7%] - NIM to remain nearly flat in 2024F, asset quality under control

- We raise our target price (TP) for ACB by 8.6% to VND36,700/share and maintain a BUY rating.

- Our higher TP is mainly due to (1) the positive impact of rolling our TP horizon to mid-2025F outweighing (2) a 1.2% decrease in our aggregate 2024-2028F NPAT forecast (-1.6%/-0.4%/ -1.2%/-0.5%/-2.2% for 2024/25/26/27/28F, respectively).

- We decrease our aggregate 2024-2028F net income mainly due to (1) a 5.1% decrease in aggregate NOII due to our expectation that bancassurance will take time to recover in 2024-2025F and (2) a 2.8% increase in aggregate provision expenses. These factors outweigh a 4.2% decrease in aggregate operating expenses.