We maintain a BUY rating on FRT. However, we cut our TP by 14% as we now apply a 30% discount to our blended DCF/PER valuation for FRT’s mobile business as FRT’s recent scale-back of its telco price subsidy (TPS) program has dented its medium-term growth outlook, in our view. We raise 2019F NPAT by 2% mostly thanks to lower projected G&A. However, we trim 2020F-2021F NPAT by 4%-5% due to weaker-than-expected sales from the TPS program.