We increase our target price by 18.2% to VND34,500/share but downgrade our rating to MARKET PERFORM from OUTPERFORM as BMI’s share price has risen 42.1% over the past three months. The increase in our TP is mainly driven by (1) a 7.9% aggregate increase in our net income forecasts for 2021-2025F, (2) a 50-bp decrease in our in-house cost of equity from previously 13% to 12.5% and (3) the positive effect of rolling over our TP to mid-2022. Our TP implies a 2021F P/B of 1.36x.