We reiterate our BUY rating on CII and raise our target price (TP) by 7.5% to VND25,800/share, implying a projected TSR of 26.8%, inclusive of a 5.6% dividend yield.Our higher TP mainly reflects our increased valuation for CII’s major Trung Luong - My Thuan BOT (TL-MT) project, which is partially offset by our extended toll collection timeline for the Hanoi Highway Expansion BOT (HN Highway) project to early Q2 2021 from previously Q1 2021 and the TL-MT project to early Q3 2021