We raise our target price (TP) by 1% to VND28,700/share and maintain our MARKET PERFORM rating. HVN’s stock price has increased 17% over the past three months. Our higher TP is mainly driven 3% and 1% higher forecast EBITDAR in 2021 and 2022F, respectively, that is largely derived from our respective higher airfare assumptions for these two years of 4% and 2%.