We maintain our OUTPERFORM rating for DXG. We raise our target price by 69% to VND25,300 per share mainly due to (1) increasing our valuation for the brokerage services segment following changes in effective ownership and a higher expectation for an earnings recovery in 2021; (2) an increase in total project valuation following a rally in retail prices for key projects Gem Sky World (GSW) and Gem Riverside; and (3) lifting our direct discount for NAV (from 25% previously to 10%).