We maintain a BUY rating while trimming our target price by 5.9% as we lower our 2020-2024F recurring earnings by ~5.5% on average. This decline is mainly due to our downward revision of profit from the M&C segment following 2019 results and our lower 2020F oil price assumption. We expect 2020F recurring EPS to drop 7.3% as profit from both the M&C and FPSO segments cool from 2019’s high base, despite the final profit booking from the Sao Vang - Dai Nguyet project (SV-DN). Typically, there ar