We reiterate our BUY rating for VRE while trimming our target price by 1% to VND41,500/share as we revise down our 2020F NPAT-MI forecast by 5% and lower our projection for the number of new malls opened in 2020F to 10 malls from 17 malls as previously. We cut our 2020F NPAT-MI by 5% to VND3.3tn (USD141.3mn, +14% YoY) mainly due to our expectation that coronavirus outbreak will cause an increase in VRE’s mall operational expenses as the company offers support services to tenants