We reiterate a BUY rating despite cutting our target price by 5.0% to VND28,700/share as a delay in the Thanh Xuan project led us to cut 2019F NPAT by 26.0%. Given a higher gross margin assumption for the My Dinh plaza 2 real estate project, we raise our 2018 NPAT forecast by 6.1% to VND499bn (USD21.4mn), +110.4% YoY, mainly due to a booking of My Dinh 2 real estate project and the contribution of two new hydropower plants.