We upgrade our rating for GVR to BUY from MARKET PERFORM and raise our target price (TP) by 4.9% to VND30,200/share, implying a projected total stock return of 20.7%, inclusive of a 1.6% dividend yield.Our higher TP mainly reflects (1) our upbeat forecasts for GVR’s natural rubber segment in 2021F as well as (2) the positive effects of rolling over our TP to mid-2022 and a 0.5-ppt lower WACC. However, our TP is negatively affected by our extended forecasts for GVR’s IP land sales