We maintain our MARKET PERFORM rating for VNM. In our view, VNM’s current 2020F PER of 21.1x vs its five-year average TTM PER of 22.2x looks reasonable given its single-digit earnings growth outlook due to limited headroom for market share gains. We nudge up our target price by 3% as we raise our aggregate 2020F-2022F NPAT-MI by 2%, mainly due to lower advertising expenses for 2020F and higher interest income projections.