We initiate coverage on LPB with a BUY rating and a target price of VND15,500/share, equivalent to a projected total return of 23.0%. LPB is the exclusive postal bank in Vietnam and owns the second largest network in the banking system if we include its unique postal transaction offices (PTOs). We expect NPAT growth of -0.5%/20%/92.8% YoY in 2020/21/22F, respectively. Our forecast for a substantial increase in 2022F NPAT is mainly driven by our assumption for a new exclusive bancassurance