We increase our target price to VND44,700 from VNDVND30,900 on across the board improvements in balance sheet quality and prediction of improving NIMs dynamics our November 2014 banking sector report labelled VCB as a “class of its own” and that ACB will be the first to break away. This view still stands. Ancillary metrics such as 3 months overdue, MT/LT loan mix, accrued interest, receivables and Group 2 movements all point to balance sheet improvements in 4Q14.