We maintain our OUTPERFORM rating for ACV, but we cut our target price (TP) by 13% to VND75,600/share. Our lower TP is mainly due to our cut in ACV’s NPAT-MI forecasts over 2021-2030F by 14% in aggregate, which reflects our less positive view on ACV’s passenger recovery given the recent resurgence of COVID-19 in Vietnam and new COVID-19 variants across the globe.