We raise our target price (TP) by 3.8% to VND32,800/share and reiterate a BUY rating for ACB as a result of an average 4.7% increase in our NPAT forecasts for 2020F-2024F. Our increases in earnings projections are due to an average 1.9% and 7.0% increase in our 2020F-2024F assumptions for net interest income and net fee income, respectively.