We maintain a BUY rating but trim our target price by 1.2% to VND24,500/share as we cut our 2021 earnings forecast by 10.6% following PC1’s lower guidance for Vinh Hung real estate. We maintain our 2019 projected NPAT of VND410bn (USD17.6mn, -11.1% YoY) as our upward adjustment for the hydropower segment (H1 2019 gross profit achieved 54% our 2019F) offsets our higher SG&A assumption and downward adjustment for Cao Bang Iron & Steel (CBIS; affiliate with 25% stake).