- 2024-03-26T00:00:00
- Company Research
- We decrease our target price (TP) for BVH by 1.4% to VND42,600/share and downgrade our rating from OUTPERFORM to MARKET PERFORM.
- Our lower target price is mainly due to a lower-than-expected equity balance as of end-2023, resulting in a lower BVPS for 2024F compared to our previous projection, despite our 2024F NPAT-MI forecast remaining relatively unchanged.
- Our 2024F NPAT-MI forecast is roughly maintained as (1) a 3.6% increase in net financial income, counteracting (2) a 5.9% increase in underwriting losses due to our lower premium assumptions.
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