We raise our target price by 47% to VND47,000/share mainly due to (1) factoring in two additional projects (Park View and Park City), (2) higher assumed ASPs for Gem Riverside, Gem Premium and Opal City, and (3) lifting our direct discount for NAV from previously 10%. Meanwhile, we downgrade our rating to MARKET PERFORM from OUTPERFORM as DXG’s share price has rallied 63% over the last three months