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BID [BUY +25.0%] - Best positioned for NPL recovery; Upgrade to Buy - Update

Summary – We upgrade BID from MARKET PERFORM to BUY with a TP of VND24,678 (25% upside and 68.9% upgrade compared to our previous TP of VND14,614) as it is poised to be a leading beneficiary of the new NPL draft regulations. We believe that BID is potentially the most attractive turnaround story in the Vietnamese banking sector (subject to execution risks).