We maintain our MARKET PERFORM rating for HT1 while trimming our target price by 5% to VND15,500/share mainly due to an average 5% downward revision to our 2021-2025F earnings forecast and lower cash balance at end-Q1 2021. Q1 2021 NPAT-MI dropped 9% YoY to VND95bn (USD4.1mn) mostly due to a sharp YoY drop in gross margin as HT1 decreased its selling prices to support sales volume growth. We trim our 2021F NPAT-MI forecast by 4% to VND631bn (USD27.4mn; +4% YoY) as we expect sales volume