We raise our target price (TP) by 51% and maintain our BUY rating for TCB as we (1) lift our aggregate net income forecast for 2021-2025 by 19% relative to our previous forecast and (2) lift our target P/B to 2.0x vs 1.2x previously (see page 7 for details). We lift our 2021F net income by 20% vs our previous forecast to VND15.0tn (USD643mn; +19.1% YoY) as a result of (1) a 14% lift in pre-provision operating profit (PPOP) and (2) 11% cut in our provision charges assumption.