- We maintain our target price (TP) for CTG at VND36,300/share with a BUY rating.

- Our unchanged TP results from (1) a 2.0% increase in our projection for aggregate 2023-2027F NPAT-MI (3.0%/7.9%/12.7%/-2.2%/-5.1% for 2023/24/25/26/27F, respectively) and (2) the positive impact of rolling our TP horizon forward to mid-2024, which are offset by (i) increasing our cost of equity for CTG due to an updated beta and (ii) decreasing our assumption for CTG’s target P/B from 1.3x to 1.2x.  

- Our higher 2023-2027F NPAT-MI is mainly driven by (1) a 1.3% aggregate increase in NII and (2) an 11.7% aggregate increase in NFI (including gains from FX trading), which are partly offset by a 3.7% aggregate increase in OPEX.

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