We cut our recurring earnings forecast ~6.5% for 2018-2022 as we cut forecasts for A92 gasoline spreads 3.0% and for A95 6.6%. We cut our TP by 8.9% to VND18,400 due to lower spreads and target multiples. However, a 13.9% drop in share price in three months leaves 19.5% upside to our revised TP and projects a 21.8% TSR so we raise to BUY from O-PF.