We downgrade our rating to OUTPERFORM from BUY while raising our target price by 2% to VND66,200/share mainly due to a higher cash balance as of end-2020. BMP’s share price has increased by 7% over the last three months. For 2020, BMP reported revenue of VND4.7tn (USD203.7mn; +8% YoY) and NPAT-MI of VND523bn (USD22.7mn; +24% YoY). BMP’s full-year 2020 gross margin came in slightly lower than our expectation but was offset by lower SG&A expenses on sales, making the EBIT margin of 14.9%