We maintain our MARKET PERFORM rating on ACV and trim our target price (TP) 2.3% to VND81,400, resulting in a projected TSR of 1%. We reduce our TP mainly because we cut our 2019 international passenger (pax) assumption for ACV by -3% to 28 million pax as we continue to see lower growth in Chinese and total international arrivals, and therefore international pax. For 2019, we now assume ACV’s international pax will be down 2.5% YoY and domestic pax will be up 2% YoY.