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ACB [MARKET PERFORM -7.9%] - Estimates upgraded; material downside risks - Update

We upgrade ACB from UNDERPERFORM to MARKET PERFORM with a 12M TP of VND28,000 (-7.9% downside and 21.7% upgrade compared to our previous TP), driven largely by a decrease in CIR from 58% to 50%. The two key valuation drivers are credit costs and CIR, and valuation sensitivity is discussed on page 5.