We reiterate our BUY rating and raise our target price (TP) by 6.8% to VND165,600/share, implying a projected total stock return (TSR) of 37.8%, inclusive of a 7.1% dividend yield. Our higher TP mainly reflects the positive effects of rolling over our TP to mid-2022 vs previously end-2021 and our 0.5-ppt lower WACC, which are partially offset by our higher capex assumptions for SCS’s capacity expansion to VND248bn (USD9.8mn) over 2021-2025F vs our previous forecast of VND160bn (USD7mn).