We upgrade our rating from MARKET PERFORM to BUY as we believe VNM now looks appealing with a 2021F PER of 18.5x after a 15% share price correction in the last three months compared to its five-year average of ~22x and five-year average of ~27x of regional peers. In our view, VNM’s YTD share price correction has been driven by broader selloffs among foreign investors as well as its earnings decline in Q1 2021. That said, VNM’s key metrics (e.g., market share, profit margins and ROIC)