We reiterate our BUY rating on CII and trim our target price (TP) by 1.2% to VND25,500/share, implying a projected TSR of 32.2%, inclusive of a 5.9% dividend yield. Our lower TP mainly reflects (1) our extended toll collection commencement assumption for CII’s major Trung Luong - My Thuan BOT (TL-MT) project by five months to December 1, 2021, and (2) our revised timeline assumption for stake sales in CII’s major real estate projects in District 2, HCMC to 2022-2024F from previously 2021-2023F.