We downgrade our rating for KBC to OUTPERFORM from BUY, although we revise up our target price (TP) 6% to VND17,700, implying a projected total stock return (TSR) of 15.9%, as the stock price increased 12% over the last three months. We also cut the projected dividend yield to 3.2% as KBC made half of its FY2018 cash dividend payment on August 15, 2019, and as we forecast no cash dividend in respect of FY2019 onwards.