We raise our target price for NKG by 4% to VND7,400/share due to (1) our 8% upward revision to our 2020F NPAT-MI forecast and (2) a higher net cash balance at end-2019. However, we downgrade our rating to MARKET PERFORM from OUTPERFORM as NKG’s share price has rallied 34% over the last three months.NKG demonstrated progressive improvement in its core business throughout 2019 after a Q2 2019 turnaround in the operating profit level. However, we maintain our view that NKG’s interest expenses