We raise our target price by 9.8% to VND31,500/share and upgrade our rating to OUTPERFORM from MARKET PERFORM. DRC’s share price has declined 3% in the last three months. Our higher TP is mainly driven by (1) our higher NPAT-MI CAGR forecast of 6.2% (vs previously 5.3%) for 2020-27F, (2) lower WACC of 11.6% (vs previously 12.0%) and (3) rolling our target price to mid-2022.