We have set a target price for OCB at VND16,300 per share, based on Residual Income and P/B multiple valuation methods. We forecast that this bank’s profit after tax will achieve a CAGR of 15% during the 2024-2030 period, raising the average ROE to 12.0%. OCB’s stock is currently trading at a P/B ratio of 1.1x, a significant discount to the 1.35x average P/B of its small and medium-sized bank peers. This valuation is also at a discount to the average 1.71x P/B of the banks in BVSC’s coverage universe. Given the positive outlook for earnings growth, we believe a reasonable target P/B for OCB is 1.3x. Based on our analysis, we recommend an OUTPERFORM rating on OCB.