We increase our TP by 26% to VND15,000 and upgrade our rating from M-PF to O-PF with a projected TSR of 17.2% as an improving core business performance and shrinking legacy assets make STB’s restructuring story more convincing. As Group 1 assets continue to track well, we increased our 2018/2019 NII forecasts by 10%/22% due to the combined effect of Group 1 growing faster than loan growth and VAMC debt shrinking.