We downgrade our rating to OUTPERFORM from BUY despite raising our target price (TP) by 19% to VND29,000/share as GMD’s share price has surged 29% in the last three months. Our TP implies a projected total stock return of 12.3%, inclusive of a 4.5% dividend yield. Our higher target price mainly reflects ~10% higher regulated seaport floor charges for container handling fees over 2021-2023F, leading us to raise our NPAT-MI forecasts over 2021/22/23F by 4.3%/9.4%/15%, respectively.