We decrease our target price (TP) by 22.2% to VND27,300 but maintain our BUY rating for MBB. Our lower TP is due to (1) a cut in our target P/B from 1.75x to 1.30x, (2) an increase in our cost of equity from 13.0% to 15.6% and (3) a 7.7% aggregate decreas