We reiterate our BUY rating on BMP and raise our target price by 3% to VND62,300/share as we roll-over our DCF model to the 2020-2024F period and also apply a higher target P/E multiple of 12.5x from 12.0x previously. We keep our 2019F NPAT-MI broadly unchanged at VND448bn (USD19.5mn, +5% YoY) as a lower margin assumption offsets our upward revision of 2019F sales volume growth to 10% vs 7% previously while BMP continues to pursue more aggressive policies to push sales volume growth.