We lift our target price by 0.7% to VND29,200/share but downgrade our rating to OUTPERFORM from BUY as ACB’s share price has risen 16.2% over the past three months. This increase in our TP is mainly driven by a 1.6% average increase in our net income forecast for 2020-24F. Our increase to earnings forecasts is mainly driven by 4.3% average lower projections for provision expenses during 2020-24F; 2020F witnesses the heaviest cut of 7.1% as we reduce our forecast for write offs over gross loans