We increase our target price (TP) by 11% to VND35,700/share and upgrade our rating for HDB from OUTPERFORM to BUY. HDB’s share price has plunged 21% over the last three months. Our higher TP is due to (1) increasing 2022-2026F NPAT-MI by an aggregate of 4% and (2) the positive effect of rolling over our TP to mid-2023.