We increase our target price (TP) for BMI by 3.0% to VND31,300/share and maintain a BUY rating.

Our higher TP is due to (1) the positive impact of rolling our TP horizon forward to mid-2024F that outweighs (2) our 4.9% decrease in our aggregate 2023-2024F NPAT forecast.

Our 1.2% cut in aggregate 2023-2024F NPAT is mainly due to (1) a 7.0% decrease in net financial income that outweighs a (2) 5.1% increase in aggregate underwriting profit.