We upgrade our rating for TCM to OUTPERFORM from MARKET PERFORM despite lowering our target price (TP) 8% to VND22,200/share as the stock price has plunged by 18% over the last three months. Our lower TP mainly reflects a decline in our GPM assumption over 2019-2024 to 15.9%-16.2% from our previous assumption of 16.5%-17.6%, resulting in a 24% drop to our forecast core NPAT-MI in aggregate (excluding non-recurring gains/losses) in 2019-2024.