We upgrade CTD to OUTPERFORM from MARKET PERFORM despite cutting our target price by 8% to VND148,000/share as the share price has fallen by 19% over the last four months. The cut in our target price is mostly driven by a lower forecast on CTD’s gross margin given Q4’s lower-than-expected result along with tough competition in the construction industry and a more challenging property market. We cut our forecast 2019 NPAT-MI by 9% to VND1.4tn (USD61.3mn, -7% YoY) despite raising our revenue