We cut our target price by 7.8% to VND35,600/share, implying a BUY rating with total return of 23.6%, due to higher WACC, lower target multiples and lower earnings forecast. We reduce our 2018 profit forecast by 7.4%, but still expect NPAT to grow 84.6% YoY due to: (1) delivery of My Dinh Plaza 2, (2) full-year operation of two new hydropower plants coming online in late 2017 and (3) a 13% recovery of grid erection & installation from a low 2017 base.