We reiterate our BUY rating on MBB with a projected TSR of 36.0%. We lower our TP by 4.8% due to a higher market risk premium. However, we maintain our 2019 target P/B at 1.7x. We increased our 2018 earnings forecast by 2% to VND5.9tn (USD258mn, +70% YoY) mainly due to a 16% upward revision in net fee income (NFI) as 9M 2018 performance surpassed our previous forecasts and signalled strong growth momentum