We raise our target price by 10% and reiterate our BUY rating for REE mainly thanks to a 1% upward revision of our aggregate 2021F-2025F NPAT-MI, 0.4-ppt reduction in our WACC assumption and effect of rolling over our target price from end-2021 to mid-2022. We raise our 2021F NPAT-MI by 3% mainly thanks to higher dividend income from Pha Lai Thermal Power (see our PPC Update Report, dated May 7, 2021) and higher earnings from Vinh Son – Song Hinh Hydropower (HSX: VSH), which outweigh our lo