We reiterate our BUY rating for VHM as we continue to believe the company is well-positioned to continue to ride on Vietnam’s residential property growth story over the long run thanks to the market-leading position, largest land bank and unique mixed-use developments. We raise our target price by 11% to VND128,000/share mainly due to a higher-than-expected cash balance as of end-2020 and our increase of VHM’s ownership in several projects in accordance with ownership updates at end-2020.