We reiterate BUY on VTP as we maintain our optimism on the company’s ability to capture the booming growth of e-commerce in Vietnam. We trim our target price by 2%, as in our view, coronavirus-driven (CoV) supply chain disruptions will temporarily hurt online stock availability and thus e-commerce parcel delivery volume in Q1 2020. We expect e-commerce volume growth will start to recover in Q2 2020. We trim our 2020F-2022F NPAT-MI by 5% on average as we tone down our 2020 service revenue