We raise our target price (TP) by 15.8% to VND28,600/share but maintain an OUTPERFORM rating as TPB’s share price has risen 14.3% over the past three months. Our higher TP is mainly driven by a decrease in our in-house cost of equity and the positive effect of rolling over our TP to end-2021. In our residual income model, our average NPAT-MI forecast for 2021-24F inches up by 0.6%. Moreover, we apply a target P/B of 1.25x vs 1.13x previously.