We maintain an OUTPERFORM rating as we continue to like MSN’s strong exposure to Vietnam’s consumption growth. In addition, positive progress in VCM’s (grocery retailing business) profitability eases concerns about this business being a drag on the group’s earnings. We raise our TP by 15% as we lift our aggregate 2021F-2023F EBITDA by 15% mainly thanks to VCM and TCB (better-than-expected 2020 results) as well as MHT (higher projected ASP).