We raise our target price (TP) by 18.8% to VND41,100/share and upgrade our rating to MARKET PERFORM from UNDERPERFORM. Our higher TP is mainly driven by a decrease in our in-house cost of equity and the positive effect of rolling over our TP to end-2021. In our residual income model, we trim our average NPAT-MI forecast for 2021-24F by 1.6%. Meanwhile, we maintain our target P/B multiple at 1.81x.