We lift our target price (TP) by 12.3% to VND21,000/share but downgrade our rating from BUY to OUTPERFORM as STB’s share price has rallied 32.5% over the last three months. Our higher TP is mainly driven by a higher valuation produced by the residual income method as well as the market cap to loans and deposits approaches. The former is mostly derived from a 6.3% average increase in our 2021-2025F NPAT, while the latter came about from higher implied market caps (assuming no legacy debts) f