We reiterate our BUY rating on CII and cut our target price (TP) by 3.6% to VND24,000/share, implying a projected TSR of 43.6%, inclusive of a 6.8% dividend yield.Our lower TP mainly reflects (1) our extended launch timeline for the Hanoi Highway Expansion BOT project to early 2021 vs previously November 2020, (2) our lower margin assumption for real estate projects and (3) our newly applied 10% conglomerate discount in our valuation (see page 8). Nevertheless, rolling over our TP to end-2021