CTG released Q1 2021 results with TOI of VND12.9tn (USD562mn; +20.9% YoY) and NPAT-MI of VND6.5tn (USD281mn; +167.6% YoY), achieving 23.7% and 33.4% of our FY2021 forecasts, respectively. The impressive increase in the bottom line was mainly due to (1) a 26.4% YoY increase in NII and (2) 69.3% YoY decrease in provision expenses, which were partly offset by a 5.9% YoY increase in OPEX. We see potential upside risk to our current forecasts and/or target price for CTG, pending a more extensive revi