We upgrade our rating from MARKET PERFORM to BUY as VNM’s share price has slid 13% in the last three months. In our view, VNM now looks appealing with a 2020F PER of 18.6x, implying a 27% discount vs a regional peer median TTM PER of 25.6x. That said, we cut our target price by 5% as we trim our 2020/2021/2022F NPAT by 2%/1%/1%, which is partly due to higher staff bonus expenses and annual goodwill amortization of VND157bn (USD6.7mn) – starting from 2020 – from the GTN acquisition.