We raise our target price (TP) by 7% but downgrade our rating to OUTPERFORM from BUY as CTG’s share price has increased ~15% over the last three months. We increase our TP as we raise our aggregate net income forecast for 2021-2025 by 19%. Meanwhile, we keep our target P/B unchanged at 1.7x relative to our previous forecast. We increase our 2021F net income by 33% vs our previous forecast to VND19.4tn (USD831mn; +41% YoY) as a result of (1) an 11% increase in pre-provision operating profit