We raise our target price by 3.1% to VND33,000/share as a result of rolling our valuation date forward to YE2020, which is partly offset by an average 1.9% cut in our NPAT forecasts for 2020F-2024F. We reiterate an UNDERPERFORM rating for BID. Our decrease in earnings projections is mostly due to a 6.7% average decline in our assumptions for net interest income along with a 13.2% average decrease in our projections for gains from trading and investment securities during our explicit forecast