- We maintain our BUY rating for VPB but decrease our target price (TP) by 8.4% to VND45,000/share due to (1) a 0.6% aggregate decrease in our projected 2022-2026F NPAT, (2) a downward revision in our target P/B from 1.95x to 1.85x and (3) an increase in our house cost of equity from 12.5% to 13.0%. 

- We decrease our 2022F net income (before MI) by 3.9% to VND21.0tn (USD896mn; +83% YoY) vs our previous forecast as a result of (1) a 4.3% decrease in our NII forecast due to revising down our consolidated credit growth assumption from 23.9% to 17.5%, in addition to (2) a 5.7% increase in OPEX that outweighs (3) a 9.3% decrease in our provision charge assumption.

- We model for a private placement of 793.3 million primary shares to a foreign strategic investor to amass a 15% stake in late 2022F.

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