We maintain an OUTPERFORM rating for HT1 and slightly raise our target price by 3% to VND17,200/share given a better-than-expected gross margin in Q4. We raise our 2019F recurring NPAT-MI by 6% to VND685bn (USD29.8mn, +6% YoY) as we are more positive on gross margin forecast. Decreasing outsourced cement volume and a lower bulk cement ratio in total sales are the main factors driving such optimism. However, we still see an oversupplied domestic cement industry with high competition