We reiterate a BUY rating after trimming our target price by 11.7% to VND41,700/share due to higher WACC and a 10% conglomerate discount to our SOTP valuation. Recent discussions with REE’s management suggest that there is little chance that it can close an M&A deal this year. This is a disappointment. However, this has no impact on our valuation as we have not yet incorporated any M&A deal into it.