We raise our target price (TP) for ACB by 6.7% to VND28,800/share and upgrade our rating to BUY from OUTPERFORM. Our higher TP is driven by +4%/-2%/+2%/+3%/+4% revisions in our 2019-2023 earnings forecasts and rolling forward our valuation date to mid-2020 while maintaining our target 2019F P/B at 1.5x. Our earnings revisions are mainly due to reduced assumptions for provisions that compensate for lower projections for income from the recovery of write-offs.