Upgrade to BUY and retain TP of VND32,300. Stock is undervalued, trading at PER of 7.5x VCSC FY15E EPS of VND3,168. 1Q15 NPAT rose 23% vs. 1Q14 thanks to contribution from new FPSO Lam Son, which was not in operation in 1Q14 - excluding this, NPAT was dow