- We raise our target price (TP) for LPB by 13.0% to VND16,800 but downgrade our rating from UNDERPERFORM to SELL as LPB’s share price has surged 50% in the last two months.

- We view LPB’s current valuation as expensive at a 2024F P/B of 1.77x. LPB is currently trading at a premium of 47.5% relative to our peer group median and nearly two standard deviations above its seven-year average forward P/B (Figures 2 & 30). 

- Our higher TP is mainly derived from (1) the positive impact of rolling our TP horizon forward to mid-2025, and (2) a 2.7% aggregate increase in our projection for 2024-2028F NPAT-MI (with respective increases of 24%/2%/-1%/-2%/-2% in 2024/25/26/27/28F).

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