We reiterate our BUY rating on CII and raise our target price (TP) by 1.5% to VND27,200/share, implying a projected TSR of 36.3% (inclusive of a 14.3% yield from 2019’s dividend of VND3,200 per share). We note that we forecast 2020/2021F dividend yield to drop to 7.1%. Our higher TP mainly reflects continued ASP appreciation of residential real estate projects in District 2, HCMC