We upgrade our rating from OUTPERFORM to BUY and raise our target price (TP) by 16% to VND121,600 following our deeper look into Masan’s consumer-retail platform (The CrownX/TCX), in particular its competitive advantages and growth strategy as well as the profitability of its grocery retailing arm (VCM). We present more detailed discussion of these topics as well as our revised valuation in this report. We also note that we roll over our TP horizon to mid-2022.