We reiterate our BUY rating for SCS but cut our target price (TP) by 6.8% to VND160,000/share. Our lower TP mainly reflects our one-ppt higher in-house cost of equity and is further driven by our cut to our 2020F-2025F NPAT-MI forecasts by 8.8% in aggregate. The downward revision is partially offset by rolling over our DCF valuation model to mid-2021. For 2020F, we cut our NPAT-MI forecast by 11% to VND486bn (USD21mn; -3.4% YoY), which is mainly due to the negative impact from COVID-19.