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MBB [BUY +40.5%] - Healthy balance sheet and solid performance outlook - Update

We reiterate a BUY rating and raise our TP 36.3% to VND38,700, offering 40.5% upside. Our improved outlook is due to higher asset yields leading to further NIM expansion, stronger fee growth and lower provisioning. We have not factored in the impact of MCredit. MBB is shifting its loan book toward retail customers, offering a positive outlook on its asset yields. We forecast MBB’s asset yields will increase 20 bps in 2018 and 40 bps in 2019. We estimate funding costs will be maintained