We raise our target price (TP) by 0.8% to VND37,700/share and maintain our OUTPERFORM rating for DRC. Our higher TP is mainly driven by (1) the effect of rolling our target price horizon to end-2022F and (2) our higher aggregate 2021-2028F NPAT-MI forecast (+4.9% vs our previous forecast), which are partially offset by our higher WACC (12.2% vs 11.6% in our previous forecast) resulting from our higher beta assumption for DRC and changes in our in-house cost of equity assumptions.

Powered by Froala Editor