We increase our target price (TP) by 20% to VND30,000/share and upgrade GEX from MARKET PERFORM to OUTPERFORM. We view GEX as a good play on Vietnam’s power sector and industrial park sectors. We switch to a sum-of-the-parts valuation method vs DCF as previously (details on page 12). We raise our aggregate 2021-2025F NPAT-MI forecast.