We raise our target price by 28% but downgrade our rating from OUTPERFORM to MARKET PERFORM as DRC’s share price has increased 35% in the last three months. Our higher TP is mainly driven by increases in our NPAT-MI forecasts of 18%/5%/11%/12% for 2021/22/23/24F, respectively.We forecast 2021F revenue of VND3.9tn (USD167mn; +8% YoY) and NPAT-MI of VND376bn (USD16mn; +46% YoY). We expect the strong growth in the bottom line to be mainly driven by gross margin expansion, robust sales volume