We downgrade our rating for BMI from OUTPERFORM to MARKET PERFORM despite raising our target price (TP) by 18.3% to VND31,000/share as the share price has increased by 28.6% in the last three months. Our higher TP is mainly due to (1) a 5.4% aggregate increase in our 2020-2024F net income, (2) a decrease in our discount rate from 14.2% to 13.0% and (3) the positive effect of rolling over our TP to the end of 2021.