We cut our target price (TP) by 14% and maintain our BUY rating for VPB. The TP cut is mainly driven by an 18% cut in our aggregate net income forecast for 2020-2022. In this update, we revise up our cost of equity by one ppt to 14.2% and roll forward our valuation date to mid-2021. The cut to our net income forecasts is derived from lower NII and higher write-off rate projections in 2020 and 2021 as a result of COVID-19.