We reiterate our BUY rating for NT2 but trim our target price by 1% to VND26,200/share. Based on our latest discussions with NT2, we now assume there will not be a PPA price reduction in 2020 while assuming a reduction of ~VND47/kWh in 2021-2024 vs our previous assumption of a VND20/kWh reduction in 2020-2021 and an additional VND30/kWh reduction in 2022-2024.