We cut our TP by 10% to VND23,400 and downgrade our rating from O-PF to M-PF with a projected TSR of 3.4% mainly due to downward revisions in our 2018/2019 earnings forecasts. The reduction in earnings forecasts are due to (1) an expectation of an NPL spike related to financially distressed companies/projects leading to a surge in provision charges and (2) downward revisions in loan growth leading to lower NII.