We cut our target price by 13% to VND54,300 as we are more conservative on CTD’s working capital projection and also apply a higher transparency discount rate while keeping our core earnings forecast unchanged. Nevertheless, we maintain our MARKET PERFORM rating for CTD as the share price has weakened by 22% over the last two months.CTD’s full-year 2019 results were in line with our expectation. 2019 net revenue dropped 17% YoY to VND23.7tn (USD1.0bn)and NPAT-MI fell 53% YoY to VND711bn