We upgrade our rating for VEA from OUTPERFORM to BUY. VEA offers strong exposure to Vietnam’s extensive motorbike (2W) market and the long-term growth potential of Vietnam’s auto (4W) consumption. We also expect vehicle sales to stage a broad-based recovery in 2021. We raise our target price (TP) by 17% as we roll it over to YE2021, lift our target PER by 10% to reflect a 1.2-ppt decrease in our house cost of equity to 13.0%, and nudge up our aggregate 2020F-2023F NPAT-MI by 2% as 9M 2020