We maintain an OUTPERFORM rating while raising our target price for PVS by 7.0% as we lift our 2019 earnings forecast by 12.7% following a higher-than-expected profit from the contribution of the Sao Vang – Dai Nguyet (SV-DN) project in the Mechanics & Construction (M&C) segment in 2018. We forecast 2019 recurring EPS to decline nominally by 4.1% YoY due to lower profit from M&C segments given 2018’s high base as we estimate contribution from new M&C contracts will be largely booked