We reiterate our BUY rating for NLG while increasing our target price by 11% to VND38,000/share, which is mainly due to rolling our TP horizon to end-2021 and a lower WACC because of our lower cost of equity assumption.We trim our 2020F NPAT-MI forecast by 3% to VND853bn (USD37mn; -11% YoY) as we delay the recognition of the Paragon divestment to 2021 while we continue to expect handovers of Southgate P1 and gains from the half-divestment in Waterfront to be recorded in Q4.