We reiterate a BUY rating for STB, but trim our target price (TP) by 10.2% to VND15,400 mainly due to (1) an increase in the discount rate that outweighs the positive effect of rolling over our TP to mid-2021, (2) a 7.6% average decline in our 2020-2025F NPAT and (3) lower valuations produced by the market capitalizations to loans and deposits approaches. We cut our 2020/21/22 net income forecasts by 8.8%/13.2%/8.1%, primarily due to (1) a 38-bp three year average decline in our assumptions