We reiterate our MARKET PERFORM rating for VIC while revising up our target price by 6% to VND118,000/share mainly on updating the company’s net debt balance as of end-2018. We lower our 2019F NPAT-MI forecast by 19% to VND4.2tn (USD184mn, +27% YoY) mainly due to an increase in our projections for depreciation cost and SG&A expenses for the manufacturing segment, which was partly offset by a lower effective hospitality loss as VIC reduced its ownership at Vinpearl.