We reiterate our MARKET PERFORM rating for GVR despite raising our target price (TP) by 48% to VND28,800/share. GVR’s share price surged 57% over the last three months, which we believe was mainly driven by high market expectations for rising global natural rubber prices and surging IP land demand in Vietnam as well as GVR’s huge divestment gains in Q4 2020. Our higher TP mainly reflects our higher forecasts for GVR’s rubber land conversion to industrial park (IP) developments over 2021-2035F