We maintain our OUTPERFORM rating for VIC as we continue to like VIC’s strong exposure to Vietnam’s rising affluent class, especially via real estate arms Vinhomes, Vincom Retail and Vinpearl. We increase our target price by 8% to VND120,000/share primarily due to (1) our expectation for a strong recovery in the retail leasing and hospitality segments from 2020’s low base due the impact of COVID-19 and (2) a roll-over of our target price horizon to end-2021 coupled with a lower in-house cost