We maintain our UNDERPERFORM rating for HSG while raising our target price (TP) by 51% to VND23,300/share. HSG’s share price has rallied by 51% over the last three months.Our TP increase is driven by (1) an increase in our FY2021-25F NPAT-MI of 47% on average due to a higher EBIT forecast and lower forecast interest expenses as well as (2) a higher target P/E.