We reiterate our BUY rating despite cutting our target price by 4% to VND29,700/share (adjusted for upcoming 4:1 rights issue) as we push back our projected cash collection at Gem Riverside and lower contract sales value for other launches over 2020-2022, both of which could be further affected by a prolonged legal procedure. We trim our 2019F/2020F NPAT-MI by 2%/2% to VND1.4tn (USD65mn, +15% YoY) and VND1.6tn (USD75mn, +16% YoY), respectively, on the rescheduled delivery of shophouses