We keep our MARKET PERFORM rating while cutting our TP by ~6% to VND20,200/share. Our ~6% TP cut is driven by ~75% and 14% reductions in 2021F and aggregate 2022-2025F NPAT-MI, respectively, due to lower drilling and well-related services profits that outweigh the positive impact of our 50-bp cost of equity reduction and rolling over our TP to mid-2022. We forecast 2021 recurring NPAT-MI to remain small due to low profits from the jack-up and well-related service segments — despite the TAD