We raise our target price by ~1% mainly due to a 50-bp reduction in our cost of equity that outweighs the negative impact of lowering our 2021-2030F NPAT-MI forecasts ~3% on average. We upgrade our rating from OUTPERFORM to BUY as GAS’s share price has fallen into attractive territory following a ~6% decline last month. We reiterate our optimistic view as we believe GAS will be the first beneficiary from Vietnam’s structural transition to LNG given the company’s monopoly position.