We lift our target price by 7% to VND15,000/share mainly due to (1) factoring in the two additional projects in Binh Duong Province — Opal Skyline and Opal Cityview — and (2) our lower WACC due to a lower cost of equity assumption (details on page 9). We downgrade our rating to OUTPERFORM from BUY as DXG’s share price has rallied 33% from a five-year low over the past three months.