We cut our target price by 20.2% to VND22,500 as a result of cutting our aggregate net income forecast for 2019-23 by 22.6% and rolling our valuation date forward to YE2020. We lower our rating to OUTPERFORM from BUY due to (1) the BOD’s sharp cut in 2019 guidance and (2) general negative sentiment from a 27% drop in average daily turnover in 9M 2019 vs FY2018.