- We decrease our target price (TP) for BMI by 5.6% to VND26,800/share and maintain a BUY rating. Our lower TP is due to (1) our 3.6%/8.8%/4.0% decreases in our 2023/24/25F NPAT projections and (2) our lower target P/B at 1.15x vs 1.30x previously, which outweigh the positive impact of rolling our TP horizon forward to end-2024F.

- Our 5.5% cut in aggregate 2023-2025F NPAT is mainly due to (1) a 27.9% decrease in aggregate underwriting profit that outweighs a (2) 6.2% increase in net financial income. 

- We model for BMI to pay a cash dividend of VND1,000/share (equivalent to a 4.7% dividend yield) in the next three years. 

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