We raise our target price (TP) by 23% to VND15,400/share but downgrade to UNDERPERFORM from MARKET PERFORM as HSG’s share price has rallied by 59% over the last three months. Our TP increase is driven by an increase in our FY2021-25 NPAT-MI of 7% on average on the back of lower forecast interest expenses, a lower WACC assumption and a higher target P/E.