We increase our target price (TP) by 46% to VND28,400/share and upgrade our rating from U-PF to MARKET PERFORM in anticipation of a successful recapitalization in Q1 2021. The increase in our TP is mainly driven by rolling our target price horizon forward to end-2021 and lowering our cost of equity from 12.4% to 11.6%. These positive effects are partially offset by cuts of 468%/227%/62%/40% in our projected NPAT-MI for 2021/22/23/24F. Our earnings forecast cuts are mainly driven