DCF-based fair value of VND94,500/share (WACC 11.2%, terminal growth 2.0%) – not a 12-month target. It rests on EPS compounding ~13.7% and Global IT revenue ~13% a year through 2030, below management's ≥20% ambition; we underwrite barely two-thirds of the target and still derive material upside. With the stock down ~24% YTD, the implied ~33% upside supports OUTPERFORM.