NT2 [BUY +38.7%] - Expecting stellar Q3 results despite low sales volume - Update

• We raise our target price (TP) for NT2 19% to VND27,400/share due to an upward revision in our EPS and DPS forecasts and positive impact of rolling our TP horizon from mid-2022 to end-2022. We reiterate our BUY rating. We view NT2 as a compelling dividend play as we forecast 2021/22/23F DPS of VND2,000/2,200/3,000 (implying 9.4%/10.4%/14.2% yields), respectively.

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