We reiterate BUY as we like VTP’s ability to benefit from Vietnam's booming e-commerce, whose gross merchandise value will post a CAGR of at least 30% during 2020F-2023F, in our view. We lift our target price (TP) by 16% as we roll it over to YE2021 and factor in a 1.2-ppt decline in our house cost of equity to 13.0% — despite a 3% cut to our aggregate 2020F-2023F NPAT-MI as 9M 2020 service revenue growth and GPM trailed our previous expectations. We project EPS growth to ease to 16% in 2020