We reiterate our BUY rating on CII, but we lower our target price (TP) by 10% to VND26,800/share, implying a projected TSR of 25.0% (inclusive of a 13.3% dividend yield). We forecast a drop in 2020/2021F dividend yield to 6.7%. Our lower TP reflects our extended timeline assumption for the Riverpark high-rise residential real estate project in Thu Thiem, HCMC and the Hanoi Highway Expansion (HN Highway) BOT project, which is partly offset by rolling our DCF model to end-2020