We maintain our TP of VND59,500 for FRT but downgrade our rating from BUY to MARKET PERFORM as the share price has rallied 20% in the past month. We believe the current share price has priced in FRT’s earnings recovery post-Q1 2019 on the back of stronger accessory sales and margins as well as better support from Apple. Looking ahead, we believe that further re-rating of FRT will be premised on the progress of its pharmacy (Long Chau) roll-out. Prelim 5M 2019 NPAT grew 7% YoY