We reiterate our BUY rating for VHM as we continue to believe the company is well-positioned to ride on Vietnam’s residential property growth story over the long run thanks to its market-leading position, large land bank and unique mixed-use developments. We raise our target price by 5.5% to VND135,000/share mainly as moving our target price horizon to mid-2022 and a lower WACC more than offset a higher debt balance as of Q1 2021.