We increase our target price (TP) by 44% to VND27,000/share but downgrade our rating from BUY to OUTPERFORM as LPB’s share price has rallied 60% over the last three months. Our higher TP is mainly driven by a higher valuation produced by the residual income method that is derived from an 11.2% average increase in our 2021-2025F NPAT along with a higher target P/B for LPB due to a higher average ROE.