We downgrade our rating for HT1 to MARKET PERFORM from OUTPERFORM while keeping our target price broadly unchanged at VND16,400/share as a higher cash balance as of end-2020 offsets a downward revision to our 2021-2025F earnings forecast by 5% on average. HT1’s share price has increased by 6% over the past three months. HT1’s full-year 2020 NPAT-MI fell 17% YoY (VND615bn/USD26.8mn), which was in line with our forecast. This NPAT-MI decline was due to a 9% YoY drop in sales volume amid