We reiterate our BUY rating on CII but trim our target price (TP) 4.0% to VND31,500, implying a one-year projected TSR of 28.3%, with no dividend yield. We slightly revise our target price down as we push out our timeline assumption for unit deliveries from the Lakeview (LV) 3-5 residential real estate projects to 2020-2022 from 2019-2021 and Hanoi Highway Expansion BOT project to Q3 2019 from Q1 2019.