We reduce our 2019F EPS estimate by 10% as we lower our estimate by VND500bn for the level of gains that the company will book as investment income as these gains failed to materialize as expected in Q1 2019. However, this is partially offset by lowering our estimate of mathematical reserve expenses by VND260bn Q1’s balance was lower than expected. Our TP declines slightly by 0.4% to VND98,600, implying a TSR of 36.7%.