We maintain a BUY rating as we believe that TDM will deliver robust growth over the next three years, driven by strong water demand in Binh Duong Province (which is a top-three FDI-attracting destination in Vietnam).We trim our target price by 2% to VND30,900/share as we lower our NPAT forecasts for 2021/2022F by ~9%, which is mainly due to a lower volume growth assumption. Our NPAT forecasts for 2023/2024F remain unchanged.