We maintain BUY for VRE while trimming our target price by 1% to VND33,000/share mainly due to a higher net debt balance forecast as we factor in VRE’s 2020 non-convertible bond issuance. We cut our 2020F NPAT-MI forecast by 6% to VND2.5tn (USD109.5mn; -12% YoY) mainly due to an increase in interest expense as we factor in a VND4.3tn (USD187mn) bond issuance plan while keeping our forecast for the core retail leasing segment and property segment broadly unchanged.