We upgrade our rating to MARKET PERFORM as we raise our TP by 7%, although we keep our earnings forecasts largely unchanged. Our TP increases as we lower our DCF beta from 0.8 to 0.7, which is consistent with VNM’s five-year average beta as well as the peer median, partly offset by a 30-bp hike to our risk-free rate. VNM continues to spearhead Vietnam’s growing dairy consumption.