We upgrade our rating from OUTPERFORM to BUY as we are bullish on PTB’s exposure to the long-term growth of Vietnam's wooden furniture exports as well as its robust stone business that includes an extensive stone mine portfolio and promising new quartz business. In addition, PTB’s wood business beat our expectations in Q1 2021. We raise our TP by 36% thanks to (1) a 14% increase in our aggregate 2021F-2023F core NPAT-MI backed by higher projections for wood and domestic stone sales