We reiterate a BUY rating, but cut our TP by 2.6% to VND19,100/share as we trim our recurring earnings forecast for 2018 and 2019 by 5.9% and 8.6%, respectively, due to an increase in our 2018 Brent oil price assumption from USD70/bbl to USD75/bbl, a lower 2018 output forecast for Vung Ang plant and a higher interest rate expectation. We estimate 2018 recurring EPS growth of 4.8% as PBT surges from Nhon Trach 1, Ca Mau and Hua Na plants outweigh a PBT decrease from Vung Ang plant.