We downgrade VPB to OUTPERFORM from BUY and cut our target price (TP) by 7.1% as a result of rolling our valuation date forward to YE2020 and a 2.2% cut in our aggregate net income during 2019F-23F. Our rating downgrade is mainly driven by our more cautious view on the growth outlook of FE Credit’s (FEC) business model due to new Circular 18/2019/SBV, which will introduce caps on the cash loans portion in the consumer finance book.