We increase our target price by 28% to VND43,700/share and maintain our OUTPERFORM rating for ACB. The increase in our TP is mainly driven by (1) an 18.2% increase in our 2021F NPAT-MI and an average increase of 9.3% in our net income forecasts for 2022-25F relative to our previous update (2) a 50-bp decrease in our in-house cost of equity from 13% previously to 12.5%, (3) the positive effect from rolling over our TP to mid-2022 combined with the application of higher target P/B of 2.0x