We lift our target price (TP) by 11.9% to VND34,100/share and maintain our OUTPERFORM rating for ACB. Our higher TP is mainly due to a higher valuation produced by the residual income method that is derived from an average 12.9% increase in our recurring NPAT-MI forecasts during 2021F-2025F — and an increase in our average ROE used in the Gordon Growth Model (GGM) to 19.5% from 18.6% in our last update — to arrive at a target P/B of 1.65x vs 1.56x previously. We amend the timing