We change our rating from BUY to OPF as we curtail our TP by 12% due to a lower Techcombank (TCB) valuation, lower animal feed profits and hikes to the risk-free rate and risk premium. We cut our recurring 2018F/2019F/2020F NPAT-MI by 15%/14%/12% primarily due to TCB and, to a smaller extent, Masan Nutri-Science (MNS/meat value chain). Per our projections, recurring EPS will soar 65%/60%/24% in 2018/2019/2020 driven