We downgrade HVN to MARKET PERFORM from BUY while maintaining our target price (TP) at VND40,600 as the stock price has rallied 19% in the last three months. Our unchanged TP reflects the positive impact from rolling over our DCF valuation, offset by our lower non-airline earnings forecast due to our assumption that runway maintenance will take place in H2 2019 at Tan Son Nhat (SGN) and Noi Bai (HAN) airports.