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ACB - OUTPERFORM - Underlying core improvement; any foreign block to surface will be keenly sought after - Update

We nudge up our target price to VND19,700. Recognised problem assets require us to model conservatively but all indicators suggest very low probability of hidden nasty NPL surprises. Adjusting NIMs for reversal of interest income associated with Bank C indicates underlying improving NIMs in 2014, inching back to levels befitting for a retail/SME focused bank. Standard Chartered more likely than not to sell out of ACB but if so this block will be the most attractive bank block on the market.