We downgrade our rating to OUTPERFORM from BUY as VRE’s share price has rallied 22% over the last three months. In addition, we trim our target price by 3% to VND38,700/share mainly due to a 3% downward revision to our 2021F NPAT-MI forecast. We lower our 2021F NPAT-MI forecast to VND2.9tn (USD125.9mn; +22% YoY) due to 1) the recent re-emergence of COVID-19 community spread in Vietnam and 2) a downward revision in projected retail gross floor area (GFA) at end-2021F as we lower our assumption