We maintain our OUTPERFORM rating on DRC despite cutting our target price by 13% to VND22,200/share as the stock has declined 11% in the last three months. The cut in our target price is mainly driven by an aggregate cut of 27% in our 2020-2024F NPAT-MI vs our previous forecasts. This downward revision is partially offset by rolling over our DCF model to the end of Q2 2021.