We reiterate BUY, which is premised on DHC’s ability to capture packaging paper consumption growth in Vietnam thanks to the company’s proven track record and potential capacity expansions. We raise our target price (TP) by 22% due to a 20% lift in our aggregate 2021F-2023F NPAT-MI as DHC’s Q4 2020 results implied stronger paper demand and lower opex than our expectations. In addition, the Giao Long 2 paper factory’s actual capacity exceeds our previous forecast.