VPB [BUY +48.9%] - Growth of retail/SME loans drives NIM expansion amid robust growth in fee income - Update 2018-01-29T19:09:05 Company Research We reiterate a BUY rating and raise our TP by 34.3% to VND78,000, offering 48.9% upside. ROA came in at 2.5% for 2017, which is the strongest return in the industry, and has room to increase further given strong performance from core business.