We raise our target price (TP) by 14% to VND25,300/share mainly due to a 3% average upward revision in our earnings forecasts over 2020-2024F, lower WACC and rolling our TP forward to end-2021. We upgrade our rating from MARKET PERFORM to BUY. he upward revision for GEX’s earnings forecast is driven by higher earnings from its associate Viglacera Corp due to a brighter outlook for industrial park leasing. Meanwhile, key subsidiary CAV (cable producer) gained market share, confirming our ear