We downgrade TCB to OUTPERFORM from BUY and trim our target price (TP) by 11%. The trim in TP is mainly driven by (1) a downward revision in our 2020F target P/B and (2) a two-ppt cut in our intermediate growth rate assumption to 6%, which more than offset the 2% lift in our aggregate net income projection during 2020-2024. We trim our 2020F target P/B to 1.4x vs 1.6x previously as (1) TCB’s current non-interest income is at a high base, which presents challenges to deliver high growth