We trim our target price by 1% to VND16,700/share and downgrade HT1 to OUTPERFORM from BUY as the stock price has climbed 10% over the last three months. We slightly raise our 2018 recurring NPAT-MI forecast by 2% to VND605bn (USD26.3mn, +7% YoY) mostly due to HT1 cement sales volume growth recovering faster than our expectation. The discrepancy between our 2018 growth forecasts for reported NPAT-MI (+27% YoY) and recurring NPAT-MI (+7%) is due to a significant FX loss in 2017.