We reiterate our BUY rating for VHM while raising our target price by 2% to VND111,000/share, which is mainly due to a higher net cash balance as of end-2019. As 2019 pre-sales and earnings performance were broadly in line with our expectation, we maintain our 2020F NPAT-MI forecast of VND24.7tn (USD1.1bn, +16% YoY) on the back of the company’s solid backlog of VND91.4tn (USD4.0bn) as of end-2019. We project total pre-sales value to grow 14% in 2020F to VND104tn (USD4.5bn) vs 2019