We reiterate our BUY rating for HT1 as we believe the stock has fallen into undervalued territory given its stable earnings outlook and healthy cash flow. HT1 is currently trading at a 2018F EV/EBITDA of 5.3x, well below peers who are trading at a TTM EV/EBITDA of 10.2x. We forecast 2018 NPAT-MI of VND646 billion (USD28.5 million), up 37% from a low 2017 base, mostly driven by lower interest expense.