We cut our target price by 4% to VND114,000/share mainly due to (1) our downward revision for 2020F earnings of the hospitality and retail leasing segments amid COVID-19 and (2) a lower net cash balance as of end-Q1 2020 (details on page 8). We downgrade our rating to OUTPERFORM from BUY as the stock price has increased 12% over the past two months. We forecast 2020F NPAT-MI at VND7.5tn (USD328mn; flat YoY), supported by our forecast for a VND8.6tn (USD374mn) financial gain from the VinCommer