We reiterate our BUY rating on BMP while raising our target price (TP) by 5% to VND64,600/share, which is due to 1) our 7% upward revision on average for 2020-2024F NPAT-MI, 2) rolling over our DCF-based TP and 3) lower WACC due to a lower cost of equity assumption. We lift our 2020F NPAT-MI forecast by 9% to VND504bn (USD21.9mn; +19% YoY) as we raise our 2020F gross margin on the back of better-than-expected input plastic cost in Q3 2020, which more than offsets our higher SG&A expense