We maintain an OUTPERFORM rating and cut our target price (TP) by 6.6% to VND22,600 per share, mainly due to our lower NPAT forecast. We lower our 2019 and 2020 NPAT-MI by 13.9% and 8.0%, respectively, which is driven by higher SG&A expenses from THI, a lower CAV gross margin assumption and lower profit contributions from both Gelex Ninh Thuan Solar (GNT) and VCW.