We raise our target price (TP) by 11.4% to VND46,000/share and maintain our MARKET PERFORM rating for BID. Our higher TP is mainly due to a higher valuation produced by the residual income method that is derived from (1) a 50-bp decrease in our in-house cost of equity and (2) the positive effect of rolling over our TP to mid-2022, which are partly offset by a 7.7% decrease in 2021-2025F net income in aggregate. We also generate a higher valuation using the target P/B approach