We decrease our target price (TP) by 19.1% to VND25,900/share but maintain our BUY rating. 

Our lower TP is mainly due to (1) a downward revision in our target P/B multiple from 1.85x to 1.30x, (2) an increase in our cost of equity from 13.0% to 15.2% and (3) an 11.7% aggregate decrease in our projected 2022-2026F NPAT that outweigh the positive impact of rolling our TP forward to end-2023F.

We trim our 2022F NPAT-MI forecast by 2.4% mainly due to (1) a 2.9% decrease in 2022F NII as we lower our credit growth assumption by 1.9 ppts relative to our previous report and (2) a 6.9% decrease our forecast for 2022F NOII, which outweigh (3) a 23.4% decrease in our forecast for 2022F provision expenses. 

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