We lift our target price (TP) by 35.7% to VND30,500/share but maintain our rating at OUTPERFORM as ACB’s share price has risen 39.8% over the past three months. Our higher TP is mainly driven by a higher valuation produced by the residual income method that is derived from a decrease in the discount rate from 14.2% to 13.0% and rolling forward the average ROE calculation used in the Gordon Growth Model (GGM) by one year to arrive at a target P/B of 1.56x vs 1.26x previously. An additional