We cut our target price (TP) by 15.6% to VND27,500 and maintain our MARKET PERFORM rating with a projected TSR of 3.4%. Our TP cut is mainly due to (1) our cut in intermediate growth rate for the 10 years after the explicit forecast period to 5% vs the previous assumption of 15% as we excluded the M&A forecast and (2) an increase in risk-free rate assumption. We lift our 2019F net income by 3%, mainly due to our downward revisions in OPEX and provision charges offsetting the cut in TOI.