We maintain our target price (TP) at VND26,200/share as well as our BUY rating for NT2. Our TP is unchanged as a 6% cut in our earnings forecasts for 2020-2024F on average is fully offset by the positive impact of rolling our TP forward to end-2021 and changing our DCF valuation from five years plus a terminal value to 15 years of forecasts (details on page 6). Our earnings cut in 2020F-2022F by 14% on average is driven by lower forecast sales volume and significantly lower competitive