TCB released impressive consolidated results for FY2019 with the bottom line totalling VND10.2tn (USD439mn, +20.7% YoY or +31.8% YoY excluding a one-off gain from the Techcom Finance sale in Q1 2018), which surpassed our forecast by 8.0%. The beat in net income was mainly due to higher-than-expected NII and net gains from investment securities. Return metrics remained high with 2019 ROE and ROA standing at 18.0% and 2.9%, respectively. We see upside risk to our earnings forecasts and/or target