We cut our target price (TP) by 13% to VND139,600 but maintain our OUTPERFORM rating as the stock price has plunged 16% over the past three months — mainly due the effects of COVID-19. Our lower TP is mainly driven by cuts of (1) 21%/12%/2% in volume (RPK) assumptions and (2) 2%/5%/6% in pax yield (proxy of airfare) assumptions in 2020F/2021F/2022F, respectively. These cuts are the main contributors to the declines in our core EBITDAR and core NPAT forecasts of 13%/15%/14% and 27%/18%/28%