We cut our TP by 9.3% to VND32,100 and maintain our rating at O-PF, with a projected TSR of 13.4%, mainly due to a revision of our 2019/2020/2021 earnings forecasts by -13.1%/-9.1%/-7.1%, and the application of a lower 2019 target P/B multiple of 1.45x, down from 1.5x previously. We lift our 2019/2020/2021 total operating income (TOI) forecasts by 1.4%/2.3%/3.7%, given 2018 gains from HTM securities surpassed our forecast by 11.8% and the growth outlook for HTM securities.