TCB [BUY +21.8%] - Expecting weak Q4 2024, yet earnings outlook on track

- We raise our target price (TP) for TCB by 7.7% to VND28,000/share and upgrade our rating from OUTPERFORM to BUY.

- Our higher TP is mainly due to (1) the positive impact of rolling our TP horizon forward to end-2025F and (2) a decrease in our assumption for TCB’s cost of equity due to an updated beta.

- We broadly maintain our aggregate earnings forecast for 2024-2028F (respective changes of -4.3%/1.1%/ 0.5%/1.0% /0.2% in 2024/25/26/27/28F).