We lift our target price (TP) for STB by 14.9% to VND40,100/share and maintain our BUY rating. Our higher TP is driven by a higher valuation produced by both the residual income method and the target P/B method. The former is mainly derived from (1) a 22.1% aggregate increase in our 2022-2026F NPAT forecasts and (2) a decrease in the discount that we apply to STB’s valuation. Meanwhile, the latter is mostly due to (1) an increase in our target P/B for STB to 1.71x as we apply a lower discount to our benchmark of ACB to derive our target P/B for STB and (2) a 53.1% upward revision in our 2022F NPAT.