We raise our target price (TP) by 32% to VND10,000/share but downgrade to UNDERPERFORM from MARKET PERFORM as NKG’s share price has rallied by 76% over the last three months. Our TP increase is driven by an increase in our 2020-2024F NPAT-MI by 20% on average on the back of sales and gross margin recovery, a lower WACC assumption and a higher target P/E.