We lift our target price (TP) by 2.5% but downgrade our rating from OUTPERFORM to MARKET PERFORM as CTG’s share price has increased 9.2% over the past three months. The increase in our TP is mainly driven by a 0.9% rise in our aggregate net income forecast for 2020-2024. We maintain our view that CTG will make strong efforts to provision for its remaining VAMC balance in 2020 and that credit costs will peak in 2020 before starting to ease in 2021. Our 2020F net income edges up by 4.9%