We raise our target price (TP) by 2.4% to VND160,700; however, we lower our rating from BUY to OUTPERFORM as the stock price has increased 9.2% over the past three months. Our higher TP is mainly driven by rolling-over our valuation model to end-2020. This is partially offset by a lower forecast CAGR in core NPAT during 2018-2027 from 14.2% to 12.5%, which is mainly due to lower assumptions in pax yield (a proxy for airfares) as we have seen intensified competition in the industry.