We lower our target price by 13% from VND30,000/share to VND26,000/share but maintain an OUTPERFORM rating. We lower our valuation for VGC by 11% following GEX stating that VGC’s restructuring progress could take longer than expected (see page 7). We lower our revaluation profit estimates from consolidating VGC from VND1.4tn (USD61mn) in our previous update to VND249bn (USD11mn) following management’s comments at GEX’s recent AGM.