We trim our target price (TP) by 5.8% but upgrade our rating from MARKET PERFORM to OUTPERFORM as BMI’s share price has decreased by 16.7% in the last three months. Our lower TP is mainly due to a 4.1% average decrease in our 2021-2025F net income. We trim our 2021/22/23F NPAT-MI by 3.2%/8.9%/3.6% mainly due to an 8.0% three-year average increase in net claims that is partly offset by (1) a 17.3% three-year average increase in net financial income, (2) 1.4% three-year average decrease