We cut our TP by 6.6% to VND32,300 and lower our rating from BUY to O-PF with a projected TSR of 18.1%, mainly due to our observation of increasing single party credit exposure. In addition, the performance of transaction banking, credit cards and bancassurance are not showing signs of outperforming peers. We have therefore adjusted parameters at the end of our explicit forecast period to draw them closer to peer levels to reflect more conservative modelling.