We maintain our BUY rating on DHC due to the company's ability to ride on Vietnam's rising packaging paper consumption, which is aided by the company’s recent capacity expansion. We raise our target price by 12% as we roll over our TP to mid-2021 and lift 2020F-2022F NPAT-MI by 8% on average as Q1 2020’s sales volume and ASP beat our previous expectations. We nudge up 2020F-2022F total paper volume by 1% and paper/packaging ASPs by 6%/1% (for each year, on average)