We maintain our BUY rating and increase our target price (TP) by 2.3% to VND49,100/share as (1) the positive impact of rolling our TP to mid-2023F outweighs our (2) 2.1% lower NPAT 2022-2026F vs our previous forecast and (3) downward revision in target P/B from 2.0x to 1.95x.

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