We maintain our fundamental view on VIC with target price of VND46,600 per share. The stock price was up 5% since our last update report, prompting us to switch from OUTPERFORM (O-PF) to MARKET PERFORM (M-PF). Aggressive expansion of retail and hospitality segments will keep dragging earnings down as we project total operating losses of VND6.1 trillion (USD268 million) for the two segments in 2017.