We downgrade our rating to MARKET PERFORM from OUTPERFORM despite raising our target price (TP) by 14% to VND33,000/share as GMD’s share price has increased 28% in the last three months. Our higher TP is mainly driven by our more upbeat earnings forecasts for the Gemalink deep-sea port given its solid position to capture the uptrend of the high growing Cai Mep port cluster — in addition to GMD’s higher consolidated net cash balance as of end-2020.