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MBB [BUY +25.4%] - NIM momentum drives TP upgrade - Update

We reiterate our BUY rating with a new TP of VND27,000 (from VND23,025), offering a total upside of +25.4%. Due to NIM expansion in H1 2017, we forecast MBB’s NIM will be at 3.8% in 2017F, inching up 20 bps from 3.6% in 2016. We upgrade our 2017F net interest income by 9.3% to VND9.6 trillion (USD423 million, a 20% CAGR for 2016-2019F) supported by a 16% 2016-2019F CAGR for gross loans and strong NIM expansion.