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, Vincom Retail and Vinpearl. We increase our target price by 4% to VND125,000/share primarily due to our higher valuation for the property sales segment, which more than offsets our lower valuations for the retail leasing and hospitality segments amid the re-emergence of COVID-19 in Vietnam in early 2021