We maintain our MARKET PERFORM rating for HSG while raising our target price by 16% to VND12,500/share as we revise up our FY2020/21/22 NPAT-MI forecasts by 24%/25%/32% due to a better-than-expected gross margin performance (HSG’s financial year end is September 30). As major industry incumbents — including HSG and NKG — have successfully recuperated profitability after a period of scaling back sales volume growth, we expect competition will intensify in the near term.