We reiterate our BUY rating on CII but trim our target price (TP) 6.0% to VND32,800, implying a one-year projected TSR of 24.2%, with no dividend yield. We revise our target price down as we push out our timeline assumption for unit deliveries of the Riverpark residential real estate project to 2021 and commencement of toll collection of the Binh Trieu Phase 2 (BTr-2) BOT project to 2020. We also slightly lower our GPM assumption for future low-rise Lakeview (LV) residential real estate proj