We reiterate BUY on VEA due to its compelling valuations despite COVID-19’s negative impact — especially in the short term — on Vietnam’s automobile (4W) and motorbike (2W) demand. We cut our target price by 14% as we lower our 2020F-2022F NPAT-MI by 14% on average. We cut our 2020F passenger car (PC)/2W industry sales forecasts by 29%/5% as we expect COVID-19 to dent domestic consumption, especially for high-value items such as cars.