We raise our target price for DXG by 31% to VND31,900/share but downgrade our rating from BUY to OUTPERFORM as the company’s share price has rallied 29% over the last three months. Our target price increase is mainly due to (1) rolling over our target price horizon to end-2022 and (2) higher valuations for the Gem Sky World (GSW) project and the brokerage services segment.