We cut our target price (TP) by 19% to VND89,900/share but maintain our MARKET PERFORM rating as VJC’s stock price has fallen 12% over the past three months. Our lower TP is primarily underpinned by cuts of (1) 12% in our forecast 2020 EBITDAR and (2) 21% in our projected aggregate NPAT-MI for 2020-2023. These cuts are mainly driven by our passenger volume assumption (represented by RPK) for VJC plunging 34% during the period.