We maintain our BUY rating for TLG while raising our target price by 8% to VND49,000/share mostly because we 1) roll over our DCF-based valuation, 2) apply higher 2021F EPS in our P/E-derived valuation and 3) raise our average for 2020-2024F NPAT-MI by 2%. We raise our 2020F NPAT-MI forecast by 16% to VND206bn (USD8.9mn; -41% YoY) due to a better-than-expected margin recovery in Q3. As we expected in our last Update Report, TLG [BUY +39.1%] - Less disruption, lower input prices