- We maintain our BUY rating for HPG and raise our target price (TP) by 11% to VND35,700/share. - Our higher TP is driven by (1) rolling our TP forward to end-2025 and (2) 4%/2%/3%/3%/3% higher 2025/26/27/28/29F NPAT-MI projections, outweighing our lower