We cut out target price (TP) by 30% but maintain our BUY rating for MBB. Our TP cut is mainly driven by (1) a 21% cut in our aggregate net income forecast for 2020-2022 and (2) a one-ppt increase in cost of equity to 14.2%. In this update, we roll forward our valuation date to mid-2021. The cut in our net income forecasts is derived from lower NII and higher write-off projections in 2020 and 2021 as a result of COVID-19.