- We increase our target price (TP) for MBB by 4.0% to VND26,000/share and maintain our BUY rating. Our higher TP is primarily due to (1) the positive impact of rolling our TP horizon to 

end-2024F and (2) reducing our cost of equity assumption from 15.56% to 15.40%. Our aggregate projected 2023-2027F NPAT-MI is roughly unchanged vs our previous forecast (respective changes of 1%/1%/0%/-1%/0% in 2023/24/25/26/27F).

- We increase our 2023F net income by 0.8% to VND21.1tn (USD862mn; +16.3% YoY) due to (1) a 9.4% cut in provision expenses that is partly offset by (2) a 1.9% decrease in NII.

- We maintain our expectation that MBB can overcome the current economic headwinds and grow sustainably over the long term due the bank having (1) the most diversified ecosystem in our coverage, (2) dynamic customer acquisition resulting from an ongoing investment in digitalization, (3) a top-tier CASA ratio, and (4) a strong provisioning buffer.

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