TPB released Q1 2021 results with TOI of VND2.8tn (USD122mn; +15.2% YoY) and bottom-line net profit of VND1.1tn (USD49mn; +40.6% YoY), achieving 23.5% and 26.9% of our FY 2021 forecasts, respectively. The increase in NPAT was mainly due to (1) a 31.0% YoY increase in NII, (2) 79.8% YoY increase in pure NFI, (3) a 10.1% YoY drop in OPEX expense that sent CIR down 9.9 ppts YoY. We see potential upside risk to our current forecasts and/or target price for TPB, pending a more extensive review.