We reiterate OUTPERFORM as we remain optimistic on CTR’s ability to capitalize on Vietnam’s rising mobile data consumption thanks to its lucrative infrastructure leasing (towerco) business.We raise our target price (TP) by 9% as we increase our aggregate 2021F-2023F EBITDA by 6% as Q4 2020 results exceeded our expectations in most segments — especially in terms of towerco EBITDA margin and system integration revenue.