We trim our sum-of-parts TP by 8% in conjunction with 39% and 43% downward revisions in 2018F and 2019F NPAT-MI, respectively, as GTN’s core businesses undershoot our expectation. We maintain a MARKET PERFORM rating amid GTN’s struggle to turn around its dairy (Moc Chau Milk/MCM) and tea (Vinatea) businesses, which were consolidated over the last two years. While EPS jumped 23% YoY in 9M 2018 mostly thanks to a higher ownership in MCM, we project it to decline 4% YoY in full-year 2018