We increase our target price (TP) by 1% to VND123,700/share and maintain our MARKET PERFORM rating. VJC’s stock price has increased 9% over the past three months.Our higher TP is driven by 56% and 57% increases in our 2021 and 2022F core NPAT forecasts (excluding gains from aircraft sales), respectively. Our revised 2021 and 2022F core NPAT projections equate to 28% and 69% of VJC’s core NPAT in 2019, respectively. The positive impact of raising our core NPAT forecast is partially offset