- We maintain our BUY rating for VPB, and our target price (TP) remains at VND24,000/share. We trim our aggregate 2024-2028F NPAT-MI by only 4.0% (respective changes of -13.6%/-14.6%/-7.3%/-1.1%/+6.1% in 2024/25/26/27/28F, which is offset by our higher average consolidated NIM forecasts in 2024-2028F of 6.71% (vs 6.63% previously) that generate a positive impact on our residual income method. 

- We decrease our 2024F NPAT-MI by 13.6% to VND13.1tn (USD536mn; +37.9% YoY) vs our previous forecast, which is mainly driven by (1) a 4.6% decrease in our NII forecast and (2) an 18.6% decrease in our NOII forecast that outweighs (3) a 7.2% decrease in provision expenses. 

- We believe that the following factors will contribute to future strong earnings growth: (1) a rebound in top-line growth and (2) a gradual improvement in contributions from FEC. VPB is positive about the recovery of the bank in 2024F with stronger-than-expected growth targets.

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