We increase our target price by 34.6% to VND41,600/share and maintain our OUTPERFORM rating for TPB. Our increased TP is due to a higher valuation produced by the residual income method that is derived from an average 19.8% increase in our NPAT-MI forecasts for 2021F-2025F and an increase in our target P/B to 1.65x from 1.55x.