We maintain a BUY rating, but trim our target price from VND31,500/share to VND30,900/share mainly due to our lower 2019 adjusted earnings forecast on a slightly lower competitive generation market price (CGM price). We project 2019 adjusted earnings to recover by 7.0% YoY to VND792bn (USD34.2mn) as we assume: 1) a 2019 sales volume growth of 4.2% YoY; 2) VND14/kWh increase in the spread on CGM given a lower gas price assumption of USD6.7/MMBTU (-3.3% YoY), which will outweigh the negative