We reiterate BUY on DHC, which is premised on its ability to ride on long-term packaging paper consumption growth in Vietnam thanks to its proven track record and capacity expansion. We raise our target price (TP) by 25% as we roll it forward to YE2021 while lifting our aggregate 2020F-2022F NPAT-MI by 14% as H2 2020’s paper demand recovery has exceeded our expectations and has been a boon for both sales volume and selling prices.