We raise our target price by 14.2% to VND37,700/share as a result of lifting our target P/B from 1.67x in our previous report to 1.96x along with an average 5.3% increase in our 2020F-24F earnings forecasts. We reiterate UNDERPERFORM rating for BID. Our earnings increases are mainly due to an average 15.4% elevation in our assumptions for income from recovery of written-off debts during our explicit forecast period.