We upgrade our rating for PHR to BUY from OUTPERFORM and raise our target price (TP) by 9.4% to VND70,800/share, implying a projected total stock return of 22.4%, inclusive a 6.5% of a dividend yield. Our higher TP is mainly due to the positive effect of rolling over our TP to end-2021 and our 1.0-ppt lower WACC to 11.4% from previously 12.4%. Additionally, we raise our NPAT-MI forecasts in 2020/21/22F by 7.2%/9.2%/3.4%, respectively, mainly driven by more upbeat earnings forecasts for the