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CTG [BUY +27.4%] - Compelling valuation bolstered by NIM upside; Re-interate BUY - Update

We reiterate our BUY recommendation with a new TP of VND23,252, up from VND21,216, offering a total upside of 27.4%. We marginally upgrade our estimates on net interest income (from 21.4% to 24.4% CAGR for 2016-2019F) driven by loan growth (19% CAGR for 2016-2019F).