We reiterate BUY while raising our target price by 3% to VND10,300/share as we revise up our FY2020 NPAT-MI forecast by 6% due to a better-than-expected gross margin expansion in Q1 FY2020 that was driven by a favorable HRC price trend and HSG’s effort in inventory optimization. Nevertheless, our own expectation of slow-moving domestic construction activities in addition to falling export demand in Q1 FY2020 due to the recent coronavirus outbreak lead us to cut our total sales volume growth