CTG released strong consolidated results for FY2019 with the bottom line totalling VND9.5tn (USD407mn, +74.6% YoY), which surpassed our forecast by 24%. The beat in net income was mainly due to (1) 3% higher-than-expected NII, while provision charges were in line with our expectation, and (2) lower-than-expected CIR. 2019 ROE and ROA that stood at 13.1% (+4.8 ppts YoY) and 0.8% (+0.3 ppts YoY), respectively. We see upside risk to our earnings forecasts and/or target price, pending a fuller revie