- We raise our target price (TP) for LPB by 7.9% to VND13,700 but maintain an UNDERPERFORM rating. We view LPB as overvalued at 2024F P/B of 1.1x vs peer median of 1.0x with 2024F ROE of 12.2% vs peer median of 20.6%. - Our higher TP is mainly due to (1)