We maintain our MARKET PERFORM rating for TCM while raising our target price (TP) by 18% to VND19,900/share. We believe a stock price rally of ~35% over the past three months — primarily thanks to TCM’s upbeat Q2 results — leaves TCM fairly valued. Our higher TP reflects the short-term benefits from high margin export orders for new products (antibacterial masks and protective medical clothing) and our more optimistic view on TCM’s ability to secure a higher margin product mix over the medium