We reiterate our BUY rating for VHM while maintaining our RNAV-based target price at VND107,000/share as rolling our target price horizon to mid-2023 is offset by a higher net debt as of end-Q1 2022. We continue to believe the company is well positioned to ride on Vietnam’s residential property growth story over the long run thanks to its market-leading position, large land bank and unique mixed-use developments.