We reiterate BUY on VEA as the company provides strong exposure to Vietnam’s extensive motorbike (2W) market and the long-term growth potential of Vietnam’s auto (4W) consumption. We trim our target price (TP) by 5% mainly due to a lower outstanding cash balance, which is cushioned by a 4% lift in our aggregate 2021F-2023F NPAT-MI primarily because Q4 2020 results indicate better-than-expected profit margins of associate companies.