We upgrade our rating for KDH to OUTPERFORM from MARKET PERFORM and raise our target price by 22% to VND42,000/share mainly due to (1) a higher assumed ASP for the Binh Tan, 11A, Tan Tao and Phong Phu 2 projects as well as (2) a lower WACC due to a lower cost of equity and rolling over our target price horizon to mid-2022. KDH’s Q1 2021 performance was in line with our expectation. We maintain our 2021F NPAT-MI growth forecast of 19% YoY (VND1.4tn/USD60mn) as we expect the company to (1) compl