We reduce our TP by -7.2% to VND29,800 but upgrade our rating to BUY with a projected TSR of 22.3% mainly due to a 7.6% drop in share price since the date of the removal of the commission floor on February 15, 2019, in addition to general negative sentiment arising from a drop in average trading turnover of 26.1% in H1 2019 vs H1 2018. Our TP cut is not driven by earnings revisions, but a change in methodology to valuing the treasury unit.