DIG [SELL -35.8%] - Steep spike in share price leaves valuation expensive

- We downgrade our rating for DIG from MARKET PERFORM to SELL despite raising our target price by 40% to VND42,000/share as the recent 83% spike in the company’s share price over the last three months has overshot fundamentals, in our view. Our increased target price is mainly driven by rolling our target price horizon to end-2022 and higher valuations for several projects in accordance with recent development plan updates (details on page 8).