We raise our target price (TP) by 64% and upgrade our rating to BUY from MARKET PERFORM as we (1) lift our aggregate net income forecast for 2020-24 by 22% and roll over our TP to YE2021, (2) lower our cost of equity assumption and (3) lift our target P/B to 1.7x vs 1.1x previously (see page 8 for details). We lift our 2020F net income by 16% to VND10.4tn (USD445mn; +9.3% YoY) vs our previous forecast and lift our pre-provision operating profit (PPOP) forecast by 7%.