We maintain BUY on VEA as we remain positive on the long-term outlook of Vietnam’s car (4W) consumption along with the country’s extensive and profitable motorbike (2W) market. We trim our target price by 13%, primarily due to a 10% average cut to our 2020F-2022F NPAT-MI as we tone down our passenger car (PC) sales CAGR during 2019-2022F from 17% to 13%; we cut motorbike industry sales in 2020F by 2%, partly due to the coronavirus (CoV) outbreak. We now forecast a 6% EPS CAGR for VEA during