We maintain our MARKET PERFORM rating on TCM and slightly raise our target price (TP) 1.1% to VND28,800, resulting in a projected TSR of 9.6%. We raise our TP as we increase our fabric and garment revenue assumption by 12% in aggregate over 2019-2023F, based on updated management guidance. This is partially offset by our lower GPM assumption of 17.9%-18.4% from 18.3%-18.8% over 2019-2023F, due to higher-than-expected labor costs in Q1 2019.