We reiterate our BUY rating as we believe that TDM will deliver robust growth over the next three years due to strong water demand in Binh Duong Province — a top-three FDI-attracting destination in Vietnam. We raise our target price by 3% to VND31,700/share as a 50-bp cut in our house cost of equity and a rollover of our TP to mid-2022 from YE2021 outweighs downward revisions to our NPAT forecasts four 2022-2025F. We raise our 2021F NPAT forecast by 1% due to higher dividend income from TDM