We raise our target price by 60% to VND40,000/share but downgrade GEX from MARKET PERFORM to UNDERPERFORM. Our higher target price is due to higher valuations for the electrical equipment segment, power segment and Viglacera Corp JSC (HOSE: VGC) as well as the positive impact of rolling our target price to end-2022. In addition, we raise our 2021-2025 aggregate NPAT-MI forecasts for VGC and CAV by 22% and 13%, respectively.

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