We maintain our OUTPERFORM rating while raising our TP by ~28% as 1) we raise 2020F recurring earnings by 29% due to higher profit from the Sao Vang - Dai Nguyet (SV-DN) project, 2) we remove our 20% ‘oil price volatility’ discount as we assume price volatility has normalized from the extreme levels in H1 and 3) we roll over our TP to end-2021 and lower our WACC.