We raise our target price by 12.3% and upgrade VPB to a BUY rating from OUTPERFORM with a projected TSR of 28.3% as we lift our 2020/21/22/23 net income forecasts by 1.6%/5.5%/10.4%/11.9% and roll our valuation date forward to mid-2020. Our earnings forecasts increase as we rachet up our loan growth assumptions at FE Credit (FEC). However, our 2019F net income is relatively unchanged at VND7.4tn (USD320mn, +1.3% YoY or +11.6% YoY if one excludes a one-off gain from a bancassurance upfront