We cut our target price (TP) by 11% to VND20,100/share mainly due to a 13% average downward revision in our earnings forecasts over 2020-2024F and a higher WACC. We downgrade our rating from BUY to OUTPERFORM. We cut our 2020 NPAT-MI forecast by 13%. The addition of an estimated potential VND200bn one-off gain from the divestment of GELEX Logistics Ltd (GEX’s subsidiary that owns a 55% stake in STG) cannot compensate for our reduced earnings projections for the electrical equipment segment and