We maintain our MARKET PERFORM rating on HVN and slightly raise our target price (TP) by 5.9% to VND43,000 per share. We raise our TP as we increase our 2019 NPAT-MI forecast by 10% thanks to lower-than-expected costs in Q1 2019 and as we lower our aircraft rental expense assumption for 2019. This is partially offset by our lower 2020/2021 NPAT-MI forecast by 0.6%/5.2%, as we expect HVN to continue to discount airfares to compete with new entrant, Bamboo Airways (BA).