We upgrade our rating for VHM to BUY from OUTPERFORM while raising target price by 7% to VND109,000/share, mainly due to the inclusion of newly acquired Hoc Mon project (200 ha). We maintain our 24% EPS CAGR forecast over 2018-2021F, driven by an expected gross margin improvement (vs low base in 2018) and stronger residential handovers that are largely backed by a solid backlog.