We downgrade BMP to MARKET PERFORM from OUTPERFORM while cutting our target price by 11% to VND57,200/share due to 1) a 49% downward revision to our 2021F NPAT-MI and 9% average downward revision to our 2022-2025F NPAT-MI (more details in Figure 8) as well as 2) a lower net cash balance at end-June 2021 vs end-March 2021. BMP posted weak H1 2021 results with revenue of VND2.6tn (USD113.3mn; +15% YoY) and NPAT-MI of VND126bn (USD5.5mn; -51% YoY). The discrepancy between revenue and NPAT-MI gr