We cut our target price by 12% to VND53,700/share mainly due to 1) a 28% downward revision to our 2020F NPAT-MI as extended closures of educational institutions amid the COVID-19 pandemic hurt Q1 results; and 2) as WACC increased to 8.7% from 8.6% as previously. We maintain our BUY rating for TLG as we believe its shares have been oversold while they have an attractive valuation against a stable long-term outlook. TLG’s share price has fallen 22% over the last three months.