DRC [OUTPERFORM +16.1%] - Near-term headwinds; long-term outlook remains robust

• We raise our target price by 18.7% to VND37,400/share but reiterate our OUTPERFORM rating for DRC as the company’s share price has rallied 26.7% in the last three months. Our higher TP is mainly driven by our higher NPAT-MI CAGR forecast of 8.5% (vs previously 4.9%) for 2020-2028F.