We upgrade our rating on SCS to BUY from OUTPERFORM as we revise up our target price (TP) 2.6% to VND186,700/share. The stock has also fallen 3% over the last three months. Our higher TP mainly reflects our higher NPM assumption of 68%-77% from 63%-75% over 2019-2022 as we lower our corporate income tax rate assumption. We also raise our 2019 PBT forecast by 7% as we push out our SGN runway maintenance assumption to 2020.