We maintain our OUTPERFORM rating for TLG and raise our target price by 5% to VND49,500/share. Our increased target price is driven by 1) a 10% upward revision in 2022-2026F aggregate NPAT-MI as we expect TLG building a product portfolio with higher margins to support profit growth in the long run and 2) a higher net cash balance at end-2021. 

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