We trim our target price by 9.6% to VND25,000/share and downgrade our rating from BUY to OUTPERFORM as a result of an average 7.7% decrease in our 2020F-24F earnings forecast that is coupled with a downward revision in our target P/B multiple to 1.25x from 1.41x previously. A decrease in our 2020-24F earnings projections is mostly due to a 6.5% increase in our assumptions for provision expenses in the forecasting period.