We reiterate a BUY rating for GMD, but we cut our target price (TP) 9.4% to VND25,100 per share. Our TP cut is mainly due to (1) a 0.9-ppt higher estimated cost of equity and (2) our 6% cut to our NPAT-MI forecasts on average over 2020-2024F. Notably, we cut our 2020/2021/2022F NPAT-MI by 12%/6%/5% vs our previous assumption. These cuts reflect our more pessimistic view on global trade volume amid the COVID-19 pandemic. Our current base-case assumption is for the economic disruption effect of