We reiterate our BUY rating on BMP while raising our target price by 1% to VND61,300/share, which is mainly due to a higher cash balance as of end-Q2 2020 — partly offset by a 4% cut in our average 2020-2024F EBIT forecasts and lower target P/E multiple. We lift our 2020F NPAT-MI forecast by 1% to VND463bn (USD20.1mn; +10% YoY) as we raise our 2020F financial income on the back of a higher net cash balance, which more than offsets our higher SG&A expense projection.