We maintain our MARKET PERFORM rating for NKG despite raising our target price by 58% to VND32,200/share. NKG’s share price has rallied 46% over the last three months. Our target price increase is driven by 1) an increase in 2021-25F NPAT-MI by 87% on average due to a projected improving EBIT margin, 2) higher targeted P/E of 8.1x compared to 7.8x previously, and 3) lower WACC due to a lower cost of equity.