• We reiterate BUY as COVID-19-related disruptions to the operations of competitors are bolstering VHC’s fillet market share and effective selling prices. Accordingly, we raise our target price (TP) by 19% as we increase our aggregate 2021F-2023F NPAT-MI by 11% mainly thanks to upward revisions to our profit margin projections. In addition, our cost of equity for VHC decreases by 60 bps to 14.2% following changes to our house cost of equity estimate.  

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