Aggregate NPAT-MI for 80 of the 82 stocks under our coverage (airlines HVN and VJC have not yet reported) increased 50% YoY in 9M 2021 and achieved 77% of our full-year 2021 aggregate forecast (which includes updated forecasts for six stocks following the 9M results). Excluding the seven stocks under our coverage that are traded on UPCoM or HNX, aggregate reported NPAT-MI for our HSX-listed coverage (ex-airlines) increased by 46% YoY, also achieving 77% of our FY 2021 forecast. With the Vietnamese economy already recovering from the disruption caused by lockdowns and other COVID-containment measures in Q3, this robust achievement ratio increases our confidence in our earnings forecasts for 2022F. Further, it looks increasingly likely that the Vietnamese Government will approve a stimulus package for 2022/23 to help restore GDP growth to pre-pandemic levels of 6%-7%. We therefore increase our VN-Index targets from 1,450 to 1,500 for end-2021 and from 1,600 to 1,700 for end-2022. 

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