We trim our target price by 1.1% to VND43,900 and reiterate our BUY rating. We maintain our view that REE is deeply undervalued due to our projected average free cashflow yield of 15.3% over 2019-2023 and 2019 projected P/E of 6.0x and a P/B of 1.0x. REE released more detailed investment plans for 2020-2023 at a recent analyst meeting, including: 1) E-town 6 office (100% stake, 70,000 sqm, capex of USD100mn), 2) Tra Vinh wind power plant (100% stake, 48MW, capex of USD100mn)