We downgrade HPG to OUTPERFORM from BUY despite raising our target price by 28% to VND47,000/share. HPG’s share price has rallied 35% over the last three months. Our upward target price revision is driven by 1) our 31% upward revision on average for 2021-2025F NPAT-MI amid higher steel selling prices in 2021F, higher contributions from hot-rolled coil (HRC) and billet sales together with the efficiency of the Dung Quat Steel Complex (DQSC); and 2) our lower WACC due to a higher debt-to-capital