We downgrade our rating for HT1 to OUTPERFORM from BUY as the share price has increased 18% over the last three months. We trim our target price 4% to VND16,300/share, which is mainly due to a downward revision on our 2021-2024F earnings forecast by 4% on average and our assumption for a higher net working capital requirement as we expect modest sales volume growth amid HT1’s limited ability to consolidate market share. We lower our 2020F NPAT-MI forecast 9% to VND622bn (USD27.0mn; -16% YoY)