We reiterate our MARKET PERFORM rating for VIC while raising our target price by 10% to VND129,600/share, mainly due to (1) a higher valuation for property sales on faster pre-sales projections over 2023-2025F, (2) higher projected occupancy rates for hospitality over 2021-2025F, and (3) updates on peer multiples for consumer retail. Our 2019F NPAT-MI forecast is unchanged at VND5.3tn (USD232mn, +41% vs a low base of 2018) as elevated property sales profitability offsets higher projected