HT1 [OUTPERFORM +18.7%] - Declining interest expenses to be key 2021 earnings driver

- We upgrade HT1 to OUTPERFORM from MARKET PERFORM as we raise our target price by 7% to VND16,600/share mainly due to a higher cash balance at end-June 2021 while maintaining our 2021-2025F earnings forecast unchanged. HT1’s share price retreated 4% over