We cut our target price by 6.8% to VND27,200/share due to our power purchasing agreement (PPA) price reduction assumption outweighing the impact of rolling out our target price to end-2020. However, we reiterate a BUY rating. We increase our 2019F adjusted earnings by 2% to VND755bn (USD32.4mn, +2.1% YoY) and raise our 2019 sales volume assumption by 5.4% given better-than-expected 9M 2019 results. We assume NT2’s PPA fixed price will decline by ~VND20/kWh to VND477/kWh for 2020-2021