We reduce our TP by 17% to VND31,800 and downgrade our rating from O-PF to M-PF with a projected TSR of 3.0% due to a lower credit growth expectation for HDSaison and deterioration in parent bank’s loan yields. We slightly upgrade our 2018 earnings forecast by 0.7% due to a decline in provision expense that outweighed a 12.7% reduction in our NII forecast.