We raise our target price (TP) for VNM by 7% and maintain our OUTPERFORM rating.

Our higher TP is mainly due to (1) raising our aggregate 2023-2025F NPAT-MI by 1%, (2) rolling our TP horizon forward to end-2023 and (3) our lower forecast capex expenses in 2022-2027F, which are partly offset by our higher equity risk premium (ERP) and WACC assumptions.