We raise our target price to VND37,300/share but downgrade our rating from OUTPERFORM to MARKET PERFORM as BWE’s share price has increased by 33% over the past three months. Our higher target price is mainly due to a 4% upward revision in our 2021F-2025F aggregate core earnings forecast that is primarily a result of lower forecast depreciation expenses as some water pipelines became fully depreciated in June 2021.