We raise our forecast for 2018 recurring profit +3.8% on strong profit from the Ca Mau gas processing plant (GPP) and lower depreciation expense than expected. We also raise 2019 recurring profit by 4.2% given a 3.5% volume growth assumption (vs 3% previously). While we nudge up our DCF valuation on a higher recurring earnings forecast, we lower our target price by 7.0% to VND101,700 (projected TSR of 11.3%) due to a lower target P/E multiple valuation.