We reiterate our MARKET PERFORM rating for VIC with a target price of VND118,000/share. We revise up our 2019F NPAT-MI forecast by 26% to VND5.3tn (USD232mn, +41% vs a low base of 2018), mainly due to Q1 2019 post-tax financial income on stake divesments of VND2.2tn (USD95mn). We forecast 35% 2018-2021F CAGR for VIC’s NPAT-MI as solid earnings from property sale/leasing segments, coupled with gradual improvements of consumer retail/hospitality that would more than offset losses of recent