We raise our target price (TP) by 29% but downgrade our rating to MARKET PERFORM from OUTPERFORM as MBB’s share price has increased ~41% over the last three months. We increase our TP as we (1) increase our aggregate net income forecast for 2021-2025 by 27% relative to our previous forecast and (2) increase our target P/B to 1.3x vs 1.05x previously. We increase our 2021F net income by 17% vs our previous forecast to VND11.0tn (USD472mn; +27.9% YoY) as (1) our 13% increase in pre-provision