MBB delivered strong FY2018 consolidated results with the bottom line totalling VND6.2tn (USD269mn, +75.9% YoY), achieving 104% our 2018 forecast. 2018 ROAA and ROAE stood at 1.8% and 19.4%, respectively. We do not anticipate material changes to our earnings forecasts or target price. We reiterate our BUY rating on MBB.