1H15 NPAT-MI slid 19% fulfilling 45% and 55% of company guidance and VCSC old forecast for FY2015, respectively. FY2015 earnings forecast revised down by 15.2% to VND 8tr as weak oil (now below USD 50) adversely affects market price linked assumptions. Downgrade to UNDERPERFORM. TP revised down by 35% to VND44,300 (TSR -10%, inclusive of dividend yield of 4.1%). Share price also hampered by dilution risk from plans to increase capital by 48% by FY17.