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VPB [BUY +48.9%] - Growth of retail/SME loans drives NIM expansion amid robust growth in fee income - Update

We reiterate a BUY rating and raise our TP by 34.3% to VND78,000, offering 48.9% upside. ROA came in at 2.5% for 2017, which is the strongest return in the industry, and has room to increase further given strong performance from core business.