We increase our target price (TP) by 36% to VND123,000/share but maintain our MARKET PERFORM rating as VJC’s stock price has increased 18% over the past three months. Our higher TP is mainly driven by rolling over our DCF-based target price to end-2021 and lowering our cost of equity from 13.8% to 12.6%. These positive effects are partially offset by cuts of 48%/23%/13%/13% in our projected NPAT-MI for 2021/22/23/24F, respectively.