We reduce our target price by 0.6% to VND16,000; however, we downgrade BSR from BUY to OUTPERFORM as its share price has increased by 16.7% since January, leaving a lower upside. We increase our 2019 earnings forecast by 1.4% as we raise our projected diesel (DO) spread by 4%. An explicit signal of NPAT recovery in Q1 2019 (VND600bn/USD26mn vs a loss of VND1tn/USD43mn in Q4 2018) affirms a brighter 2019 earnings outlook.