We maintain our BUY rating on VJC while cutting our target price (TP) 12% to VND149,200. Our lower TP reflects our lower 2019/2020/2021 core NPAT (excluding sale and leaseback/SALB) forecast by 11%/15%/17%, largely driven by our lower RPK (proxy for volume) assumption. This is because we continue to see negative trends in growth in international arrivals, as well as more intense competition from Bamboo Airways (BA), which launched in mid-January 2019.