We increase our TP by 0.3% as we revise up by 6%/7%/8% our earnings for 2019F/2020F/2021F due to lower CIR projections, but trim 2019F NIM by 6 bps due to a recent reduction of lending interest rates to five priority sectors. We downgrade our rating from BUY to M-PF as a result of an appreciation of 11.5% in the share price over the past three months.