We reduce our TP by 12% to VND25,900 and cut our rating from BUY to O-PF with a projected TSR of 15.9% as we lower our 2018/2019 earnings forecasts and reduce our 2019 target P/B from 1.3x to 1.2x. Our target P/B cut is due to uncertainty on CTG’s Tier I funding outlook, which implies a potential growth constraint and/or dilution risk.