We maintain a BUY rating while trimming our TP by 4.8% as we cut our 2020-2024F NPAT-MI by 6.6% on average, outweighing the positive impact of rolling out our TP to end-2020F. We revise down 2020-2024F EPS by 6.6% on average mainly due to 1) lower profit from transporting crude for Binh Son Refinery (BSR) given its higher crude input imports and 2) our assumption that PVT will acquire a very large crude carrier (VLCC) in late 2020 vs early 2020F. This is partly offset by the higher profit