We trim our target price by 1.7% to VND17,600 and maintain a BUY rating for STB due to a drop in our mid-point benchmark of equity value to loan and deposit book against MBB and ACB. We cut our 2019/20/21 net income forecasts by 2%/13%/13% primarily because we model cash received from disposing collaterals to be deployed into interbank balances vs previously in investment securities with higher yields. Our 2019F net income is VND2.1tn (USD92mn, +19% YoY). While the bank’s core performance