We maintain our OUTPERFORM rating for VIC while cutting our target price by 3% to VND111,000/share mainly due to our downward revision for the hospitality segment following the impact of COVID-19’s reemergence in Vietnam in July, partly offset by an upward revision to our valuations for the consumer retail and leasing segments (details on page 8). We cut our 2020F EBIT forecast by 25% to VND10.5tn (USD457mn; -20% YoY if excluding the consumer retail segment) mainly due to our lower forecasts