We maintain a BUY rating but cut our TP by 7.5% to VND16,100 (TSR of 32.3%) given lower NPAT. We cut our NPAT forecast by 22.0% on average for 2019-2023 given 10.6% lower diesel (DO) spreads vs previous forecast. We assume all the negative news (bad Q4, CEO change) about BSR is priced in the current share price. It is a good chance to accumulate the stock.