- We raise our target price (TP) by 18% to VND51,500 per share and upgrade our rating to OUTPERFORM from MARKET PERFORM. 

- Our higher TP is mainly driven by increases in our NPAT-MI forecasts for 2023F/24F/25F of 24%/11%/-1%, respectively, following stronger-than-expected profitability of the sugar business in 11M 2023 and rolling our target price horizon forward from mid-2024 to YE2024.

- We anticipate a surge in sugar revenue in 2023 of 120% YoY should more than offset a 3% YoY decline in soymilk revenue due to weak demand. As a result, we forecast 2023F total revenue growth of 27% YoY. We expect a trend reversal in 2024/25F as we believe soymilk revenue will rebound and profits will expand due to easing input material costs, while sugar prices will soften due to an expected increase in supply.

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