Using the Residual Income and Price-to-Book (P/B) valuation methods, we are raising our target price for TCB to VND 29,499 per share. The revision is based on: (1) rolling our valuation forward to the beginning of 2025; and (2) updating our 2025-2030 earnings forecasts for TCB.

Therefore, we issue an OUTPERFORM rating for TCB with a target price of VND29,499 per share, implying an upside of 21.9% from the closing price on Jan 22, 2025.

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Please find the attached file below.