We maintain our target price at VND33,700/share but downgrade our rating from BUY to OUTPERFORM as BWE’s share price has increased by 7% over the past three months. Our target price is unchanged as a 3% downward revision in our 2021F-2025F aggregate core earnings forecast (due to lower volume assumptions) is offset by a 50-bp cut in our house cost of equity and a rollover of our TP to mid-2022 vs YE2021.