We upgrade our rating for NLG to BUY from MARKET PERFORM as its share price has declined by 20% over the last three months. We trim our target price by 5% to VND57,000/share mainly due to factoring in the 50% stake sale of Paragon and a higher net-debt balance as of end-Q1 2022, which are partly offset by rolling over our target price horizon to mid-2023.

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