We maintain our MARKET PERFORM rating. In our view, VNM’s current 2020F PER of ~22x looks full given its single-digit earnings growth outlook due to limited headroom for market share gains. We lift our target price by 13% thanks to a 1.2-ppt decrease in our house cost of equity to 13.0% while we keep our aggregate 2021F-2023F NPAT almost unchanged. 2020F: We maintain our NPAT-MI growth of 5% (9M 2020: 6% YoY) as higher export revenue and Moc Chau Milk’s (MCM) GPM projections offset lower