We downgrade our rating for TCM to MARKET PERFORM from OUTPERFOM as we lower our target price (TP) 10% to VND18,000/share. Our lower TP mainly reflects a 7.0% cut in our core NPAT-MI assumption in aggregate (excluding non-recurring gains/losses) over 2020-2024F and our 0.7-ppt higher WACC. Specifically, we cut our core NPAT-MI by 24%/11%/8% in 2020/2021/2022F due to COVID-19’s more severe negative impact on TCM’s sales and margins vs our previous forecasts.