- We downgrade CTD to UNDERPERFORM from MARKET PERFORM as its share price has rallied 25% over the last three months on the back of positive market sentiment regarding the resumption of domestic construction activities in late 2021 as well as the expectation for a strong recovery of the construction industry in 2022. We raise our target price by 15% to VND75,700/share, which is driven by a 10% increase in our 2022-2026F aggregate NPAT-MI forecast due to a higher-than-expected value of new contracts signed in 2021 and improving assumed working capital. 

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