We raise our target price (TP) for TDM by 8.4% to VND30,900/share and upgrade our rating from OUTPERFORM to BUY. The increase in our TP is mainly due our lower valuation discount assumption of 10% (from 15% previously) following our recent BWE Initiation Report. As water tariffs in Vietnam are mainly decided by provincial authorities, we believe they are less exposed to policy risks than electricity tariffs that are mainly decided by the national Government (details on page 5).