MBB [BUY +26.5%] - Well-contained credit quality; strong NII growth - Update

We increase our target price (TP) by 9.6% to VND37,700/share and maintain our BUY rating for MBB due to (1) raising our aggregate net income forecast for 2021-2025 by 6.6% relative to our previous forecast and (2) the positive effect of rolling over our TP to end-2022F. Our TP implies a 2022F P/B of 1.84x.