We decrease our target price (TP) by 3.6% to VND35,100/share but maintain our BUY rating for MBB.

Our lower TP is mainly due to (1) a downward revision in our target P/B from 1.80x to 1.75x and (2) an increase in our house cost of equity from 12.5% to 13.0% that outweigh (3) a 1.0% aggregate increase in our projected 2022-2026F NPAT.

We increase our 2022F net income by 0.6% to VND18.5tn (USD804mn; +39.9% YoY) vs our previous forecast because of a 4.1% increase in net interest income that outweighs an 8.9% decrease in NOII.