We raise our TP by 38% to VND27,500/share but downgrade our rating from MARKET PERFORM to UNDERPERFORM. TCM’s share price has surged ~60% over the last three months, which we believe is due to hope that high-margin orders for new products such as antibacterial masks and protective medical clothing will continue. Our higher TP mainly reflects the positive effect from rolling over our TP to end-2021 and lower WACC — along with our assumption that high margin new product orders will continue int