Given the increasing likelihood of an FOL lift at VNM and its superior fundamental indicators, we believe VNM deserves a re-rating to narrow the valuation discount gap to its regional peers. We increase TP by 21% as we raise our target PER to 22x from the previous range of 19-20x. Meanwhile, we forecast a 13% EPS growth in FY16 vs FY15F. Impressive 9M15 performance with results slightly above our forecast due to better-than-expected export sales.