VIC [OUTPERFORM +18.5%] - Expect strong growth from EVs, new mega project launches

- We increase our target price (TP) by 9% to VND127,000/share but downgrade our rating for VIC to OUTPERFORM from BUY as the company’s share price has increased 14% over the last three months. Our TP increase is mainly driven by (1) the positive impact from rolling our target price horizon to end-2022 and (2) upward revisions for our property sales and retail leasing valuations.