We lift our target price (TP) for STB by 2.3% to VND34,900/share and maintain our BUY rating. Our higher TP is driven by a higher valuation produced by the market cap to deposits approach following a higher implied market cap due to a surge in comparable bank tickers over the last 12 months. This is partly offset by (1) a lower valuation produced by the residual income method as we cut our aggregate 2021-2025F NPAT by 3.0% despite the positive impact of rolling over our TP to end-2022 and (2) a slightly lower valuation produced by the target P/B method as we apply a wider discount to our target P/B for ACB to derive our target P/B for STB following our conservative view on legacy assets.