- We maintain our BUY rating for BMI and increase our target price (TP) by 7.5% to VND28,800/share mainly due to the positive impact of rolling our TP horizon to mid-2025F. Our forecasts remain roughly unchanged.

- BMI regained a top three premium market share in 2023 with one of the lowest combined ratios in the industry. We believe BMI can defend its top-tier market share in the next two years supported by management’s plan to expand its branch network and promote online sales.

- BMI trades at a trailing P/B of 1.1x, a 19% discount relative to its peer median of 1.3x, with a trailing ROE in line with its peer median of 13% (data as of April 10).

Powered by Froala Editor