We maintain our MARKET PERFORM rating for NKG while raising our target price by 8% to VND8,000/share, mainly as we revise up our 2020/2021F NPAT-MI forecasts by 160%/43% due to a better-than-expected gross margin recovery in Q1 2020. As we expect economic disruption from COVID-19 to peak by the end of Q2 and business activity to substantially normalize during the course of Q3 2020 — in addition to NKG’s Q1 2020 sales performance being in-line with our expectation — we maintain a 2020/2021F