We raise our TP to VND22,300 following an upward revision to 2015 EPS forecast by 18%. As we raise our sales volume forecast for 2015 to nearly 5.3mn tonnes due to better-than-expected 2014 volume figures. We also lowered interest exp and forex loss assumptions for HT1’s EUR-denominated debt as the EUR continues to weaken and interest rates are moving in favour of the company.