We trim our target price by 2% to VND42,200/share and downgrade DXS from BUY to OUTPERFORM as the stock price has rallied 24% over the last three months. Our decreased target price is mainly due to cutting our 2022F EPS forecast, which is partly offset by a higher DCF-derived valuation and a higher targeted P/E of 12.3x vs 11.0x as previously.

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