We upgrade our rating for GMD to OUTPERFORM from MARKET PERFORM and raise our target price (TP) by 27% to VND42,000/share. Our higher TP is mainly driven by our new incorporation of the Gemalink deep sea port Phase 2 as well as our upbeat forecasts for Gemalink and the port segment. Our TP is also positively affected by rolling over our TP to mid-2022 and a 0.5-ppt lower WACC. Following our revised forecasts for Gemalink Phase 1 and the port segment, we raise our NPAT-MI forecasts by 12%