VIB [BUY +29.2%] - Growth in NII to outweigh surge in credit costs

- We maintain our BUY rating for VIB and increase our target price (TP) by 4.8% to VND24,000/share. Our higher TP is mainly due to (1) a 1.7% increase in our aggregate 2023-2027F NPAT-MI (respective changes of -0.1%/6.4%/0.6%/3.7%/-1.1% in 2023/24/25/26/2