We reiterate our BUY rating for SCS but cut our target price (TP) by 11% to VND143,200/share. Our lower TP mainly reflects a 13% aggregate cut to our NPAT-MI forecasts over 2020-2025F. In particular, we cut our 2020/2021F NPAT-MI forecasts by 10%/15%, respectively, which mainly reflects the slower-than-expected lifting of international travel restrictions in Vietnam. We currently forecast 2020F revenue of VND667bn (USD29mn; -11% YoY) and NPAT-MI of VND436bn (USD19mn; -13% YoY).