We maintain a MARKET PERFORM rating for CTD while cutting our target price by 16% to VND57,200/share as our 24% downward revision in 2021-2025F NPAT-MI forecast due to lower contract value and gross margin assumptions more than offset a lower WACC as well as a rollover of our target price horizon to mid-2022. CTD’s share price has fallen 24% over the last three months as the market has been skeptical regarding the company’s changes in human resources.