We maintain our BUY rating. Valuation looks attractive at our projected 2021F EV/EBITDA of 2.8x. We expect DCM to pay a cash dividend of VND800/share (5.9% yield) in 2021-2023F, increasing to VND1,200/share (yield 8.8%) in 2024-2025F thanks to its strong net cash position. We increase our TP by ~16% as we switch to a 100% DCF valuation vs a mixed DCF/PER valuation as previously (details on page 5).