VRE reported Q1 2020 results with revenue dropping 26% YoY (VND1.7tn/USD73.3mn) and NPAT-MI falling 20% YoY (VND492bn/USD21.4mn). These results came in lower than our expectation as they were equivalent to 17% and 18% of our full-year forecasts for revenue and NPAT-MI, respectively. As a result, we anticipate downside risk to our current 2020F forecast for VRE