We maintain our OUTPERFORM rating for VIC as we continue to like Vingroup’s strong exposure to Vietnam’s rising affluent class — especially via real estate arms Vinhomes (VHM), Vincom Retail (VRE) and Vinpearl. We increase our target price by 6% to VND133,000/share mainly due to our higher valuation for the property sales segment that is caused by a lower WACC and rolling over our target price horizon to mid-2022, and a change in our valuation approach for the industrial segment (Page 8).