We downgrade NKG to UNDERPERFORM from MARKET PERFORM and revise our target price down 53% to VND6,600/share due to a disappointing Q3 result. We see a slim chance for profit growth given tough competition in the local market and escalating risks of a trade war. We cut our 2018 NPAT-MI forecast by 56% to VND193bn (USD8.4mn, -73% vs 2017’s high base), implying a projected VND37.8bn (USD1.6mn) loss for Q4 2018.