We cut our target price (TP) by 17% to VND113,200/share and maintain our MARKET PERFORM rating. VJC’s stock price has decreased 19% over the past three months. Our lower TP is driven by 121%/10% cuts to our 2021/22F NPAT forecasts for the transportation segment (excluding gains from aircraft sales) to -VND188bn/VND1.9tn, respectively. The negative impact of the declines in this segment’s NPAT forecast is partially offset by rolling over our TP to mid-2022 (vs previously to end-2021) and lowe