BVH [MARKET PERFORM +1.6%] - Premium growth to resume slowly in 2024F; full valuation

- 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.