BID [OUTPERFORM +12.1%] - Delaying timeline for private placement to 2025F

- We maintain our target price (TP) of VND55,000/share and our OUTPERFORM rating for BID.

- We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of -1%/-1%/0%/1%/0% in 2024/25/26/27/28F).

- Our aggregate 2024-2028F NPAT-MI is broadly unchanged as (1) a 1% increase in aggregate NII resulting from higher credit growth assumption in 2024F and (2) a 3% increase in NOII following strong gains from trading FX and investment activities in H1 2024 are offset by (3) a 3% increase in provision expenses mainly due to our higher 2024-2028F average write-off rate of 1.05% vs 1.01% previously.