We cut our target price (TP) by 13% to VND68,900. However, we upgrade our rating to OUTPERFORM from MARKET PERFORM as the stock price has plunged 21% over the past three months. Our lower TP is mainly driven by (1) cuts of 14%/3%/1% in same store sales in 2020/21/22F; and (2) increases in the assumed selling expense/revenue ratio of 0.5ppts/0.1 ppts/0.1 ppts in 2020/21/22F that are primarily due to higher projected leasing costs for retail space. These two factors are the main contributors