We raise our target price (TP) by 29.9% to VND30,900/share but maintain an OUTPERFORM rating as TPB’s share price has risen 33.2% over the past three months.Our higher TP is due to a higher valuation produced by the residual income method that is derived from an average 16.1% increase in our NPAT-MI forecasts for 2021F-2025F and an increase in our target P/B to 1.55x from 1.30x.