We reiterate our OUTPERFORM rating for HVN; however, we cut our target price (TP) by 28% to VND28,700, resulting in a projected TSR of 19.0% (inclusive of a 4% dividend yield). Our lower TP is mainly driven by cuts of (1) 15%/9% in volume (RPK) assumptions and (2) 4%/1% in pax yield (proxy of airfare) assumptions in 2020F/2021F, respectively. These cuts are the main contributors declines in our core EBITDAR and NPAT-MI forecasts of 50%/15% and 21%/2% during the period, respectively.