We reiterate a BUY rating for LPB and lift our target price (TP) by 10.0% to VND18,700/share. Our higher TP is mainly driven by a higher valuation produced by the residual income method that is derived from a 9.8% average increase in our 2021-2025F NPAT along with a higher target P/B for LPB due to a higher average ROE. We increase our 2021/22/23F NPAT by 6.2%/6.3%/8.3% mainly due to (1) a 9.8% three-year average increase in NII and (2) 14.9% three-year average increase in NFI