We raise our target price (TP) by 38.5% and upgrade our rating for HDB from MARKET PERFORM to BUY. HDB’s share price has increased 21% over the last three months. We increase our TP as we raise (1) our aggregate net income forecast for 2021-2025 by 3.5% relative to our previous forecast, (2) adjust our target P/B to 1.80x vs 1.50x previously and (3) reduce the cost of equity to 12.5% vs 13% in our previous assumption. We increase our 2021F net income by 12% to VND6.3tn (USD275mn)