We trim our target price (TP) by 1% to VND25,000/share as a lower land bank valuation outweighs the positive impact of an increase in our aggregate earnings forecasts for 2021-2025F. We also downgrade our rating from BUY to MARKET PERFORM following a 12% share price increase in the past three months. We cut 2021F earnings by 4% due to lower earnings forecast for CAV and lower dividend income from its associates. However, we raise our 2022F-2025F earnings forecast by 17% on average as we