We reiterate our SELL recommendation with a TP of VND25,091 (no change), representing a total downside of 30.6%. We maintain our estimates on net interest income (14.8% CAGR for 2016-2019F) driven by loan growth (13.8% CAGR for 2016-2019F). We expect non-interest income to grow at 3.6% CAGR for 2016-2019F. NPAT estimates are maintained at VND8 trillion (USD355.6 million) for 2017F, VND9 trillion (USD400 million) for 2018F and VND10.4 trillion (USD462.2 million) for 2019F.