We reiterate our SELL recommendation with a TP of VND5,237 (previous TP was VND4,615), representing a total downside of 53.9%. We maintain our estimates on net interest income (1.7% CAGR for 2016-2019F) driven by loan growth CAGR of 8% for 2016-2019F. We also maintain our forecast on non-interest income growth at 22.8% CAGR for 2016-2019F.