We reiterate our BUY rating for VHM as we believe the company is well-positioned to continue to ride on Vietnam’s residential property growth story over the long run thanks to its market-leading position, largest land bank and unique mixed-use developments. We raise our target price by 4% to VND115,000/share mainly due to rolling our target price horizon to end-2021 and a lower WACC as a result of a lower cost of equity assumption.