We cut our target price for NT2 ~7% to VND26,000/share due to ~9%/4% downward revisions in our aggregate 2022-2026 adjusted/reported NPAT forecasts and downgrade our rating from BUY to OUTPERFORM. We believe NT2’s 2022 outlook will be somewhat challenging but maintain our optimistic view for the company’s long-term outlook. We expect NT2 to deliver rising dividend yields of 6.5%/8.7%/13% based on DPS of VND1,500/2,000/3,000 for 2021/22/23F, respectively.