We maintain a BUY rating but cut our target price by 17.2% to VND21,600/share due to cuts to our 2020-2024 NPAT-MI forecasts, especially in 2020. We cut our 2020 NPAT-MI forecast by 17.3% due to (1) a lower margin assumption for the grid erection & installation segment, (2) lower sales volume and selling price assumptions for the hydropower portfolio and (3) further loss from associate company Cao Bang Iron & Steel.