We maintain a BUY rating but cut our target price by 11.9% to VND27,300/share as we lower our 2019F adjusted NPAT by 21.6% and 2020-2028F adjusted NPAT by an average of 6.0%, mainly due to a higher coal price assumption given a higher-than-expected domestic coal price increase (+8.8% YTD) and the impact of high cost mixed coal. Our projection implies 2019F adjusted NPAT of VND822bn (USD35.3mn, -17.6% YoY) due to a coal price increase assumption of 11.7% YoY and lower contracted volume.