We maintain BUY on VHC as we remain optimistic on the long-term outlook of the pangasius fish export industry. However, we cut our target price by 21%, which is primarily due to an expected softening in Chinese pangasius demand in 2020 amid the coronavirus (CoV) outbreak. Based on our base-case assumption that the CoV issue will fade by end-Q1 2020, we project Chinese demand will start to recover in Q2 2020.