We downgrade our TP by 6% to VND11,900 with a MARKET PERFORM rating for STB. NIM is expected to increase to 2.4%, but it will be tough for NIM to achieve levels above 2.7% before the restructuring period closes, in our view. The NPL ratio stood at 3.7% as of Q2 2018 and is on track to fall to 3% by YE2018. As per this timeline, the NPL ratio should be at 3.3% by the end of Q3 2018. Total non-performing assets (“NPA”), including VAMC balance, receivables and NPLs were still at high