We maintain our MARKET PERFORM rating for TCM and lower our target price (TP) 16.7% to VND24,000, resulting in a projected TSR of 6.9%. We lower our TP as we revise down our core NPAT-MI forecasts (excluding non-recurring income/expenses) in 2019/2020/2021F by 16%/10%/9.2%, mainly due to 1.4/1.0/1.0-ppt declines in our GPM assumptions.