TCB released consolidated results for FY2018 with the bottom line totalling VND8.5tn (USD368mn, +31.5% YoY), achieving 100% our 2018 forecast. 2018 ROAA and ROAE stood at 2.9% and 21.5%, respectively. We do not anticipate material changes to our earnings forecasts or target price. We reiterate our BUY rating on TCB.