We reiterate BUY thanks to DHC’s ability to capitalize on Vietnam’s packaging paper consumption growth backed by its proven track record and potential capacity expansions. We raise our target price (TP) by 18% due to (1) a 9% increase in our aggregate 2021F-2023F NPAT-MI amid stronger-than-expected packaging paper demand, (2) rolling over our TP to mid-2022 vs YE2021 previously and (3) a 50-bps reduction in our house cost of equity to 12.5%.