We maintain a MARKET PERFORM rating for CTD while nudging up our target price 5% to VND68,000/share mainly due to our 4% upward revision in aggregate 2021-2025F NPAT-MI on the back of higher expected new contract value and lower assumed capex that more than offset a lower cash balance at end-2020. CTD’s share price has rallied 20% over the last three months. CTD disclosed a VND10tn (USD434.8m) backlog as of end-2020, which translated into newly-signed contract value of VND7tn (USD304.3mn)