- We cut our target price (TP) for VCB by 3.2% to VND105,000/share and downgrade our rating from BUY to OUTPERFORM. - Our lower TP is mainly due to a 5.9% aggregate decrease in our 2024-2028F NPAT-MI (with respective changes of -8.1%/-9.4%/-7.1%/-4.5%/-3.