We raise our target price (TP) by 48% and upgrade our rating to OUTPERFORM from MARKET PERFORM as we (1) roll over our TP to YE2021, (2) cut our cost of equity assumption and (3) lift our aggregate net income forecast for 2020-2024 by 22% relative to our previous forecast. We increase our 2020F net income by 30% to VND1.2tn (USD50mn; +27% YoY) as (1) a 20% increase in our operating profit forecast more than offsets (2) our 14% lift in borrowing costs.