We maintain a MARKET PERFORM rating; however, we trim our target price by 4% to VND52,100/share due to a lower net cash balance and lower targeted P/E while keeping our earnings forecast unchanged. Q1 2020 results demonstrated gross margin improvement QoQ. However, COVID-19 and April’s nationwide mandatory social distancing directive have caused domestic construction activities to slow from late-March to late-April. We expect this slowdown along with ongoing competition