We raise our target price by 10% to VND34,500/share mainly due to our changes in the valuation approach for the Binh Tan project and other residential projects from BV to a DCF/multiple method (details on Page 7). However, we downgrade our rating to MARKET PERFORM from BUY as KDH’s share price has increased by 19% over the past three months.KDH’s 2020 performance was in line with our expectation. We maintain our 2021F NPAT-MI growth forecast of 19% YoYtn/USD60mn) as we expect the comp