We raise our target price by ~5% and increase our 2021F NPAT-MI by ~9% due to higher urea sales volume and a projected insurance payment of VND133bn (USD5.7mn) in 2021. We keep our 2022-25F NPAT-MI largely unchanged. However, we downgrade our rating from BUY to OUTPERFORM as DPM’s share price has increased by ~9% over the past three months. We expect 2021F EPS growth of 18.7% YoY — driven by the projected insurance payment and higher profit from the NH3-NPK plant — to outweigh the urea segment.