- We increase our target price (TP) for VIB by 6.2% to VND27,500/share and maintain our BUY rating. 

- Our higher TP is mainly due to (1) a 5.7% aggregate increase in our projected 2023-2027F NPAT that outweighs (2) an increase in our cost of equity assumption for VIB from 15.20% to 15.56%. Our higher bottom-line forecasts are mainly derived from (1) a 4.8% aggregate increase in NOII and (2) 13.9% aggregate decrease in provision expenses.

- We increase our 2023F NPAT-MI forecast by 7.7% mainly due to (1) our 3.1% higher forecast for 2023F NOII and (3) a 30.2% decrease in our forecast for 2023F provision expenses. 

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