We maintain our MARKET PERFORM rating for NVL while we increase our target price (TP) by 9% to VND62,000/share mainly due to rolling our TP horizon to end-2021 and a lower WACC as a result of a lower cost of equity assumption. We raise our 2020F NPAT-MI forecast by 13% to VND3.9tn (USD170mn; +14% YoY) mainly due to an upward revision in financial income that more than offsets our cut in property sales recognitions for residential projects in HCMC.