We reiterate a BUY rating for GMD, but we cut our target price (TP) 5% to VND34,100 per share, mainly due to our lower top-line growth assumption. This is partly offset by rolling over our DCF model to end-2020 in addition to our higher margin assumption.We lower our NPAT-MI forecasts over 2019-2023 by 7% in aggregate, mainly driven by a 6% cut in revenue forecasts over the same period given rising competition in the Hai Phong port cluster. In addition, we have a 10% higher minority interest