We maintain a BUY rating, but trim our target price by 1.5% from 26,500/share to VND26,100/share. Both 2018 reported and recurring earnings forecasts are 2.7% higher than our previous forecasts as we raise our 2018 sales volume assumption for Pha Lai 1 by 14.6%. We project 2018 recurring earnings to be flat as higher sales volume and a recovery of the competitive generation market price compensate for lower interest income and a higher tax rate.