We upgrade our rating for VEA from MARKET PERFORM to BUY as we raise our target price by 10% while the market price has corrected 12% over the last two months. The step-up in our target price is mainly driven by VEA’s increased liquid assets and a roll-over of our PER valuation from YE2019 to mid-2020. These adjustments more than offset our downward revisions of 3%/2%/2% to 2019F/2020F/2021F NPAT-MI. he above downward earnings revisions are primarily attributed to Honda.