BVH [MARKET PERFORM +2.0%] - Slower top line growth; higher rates to boost earnings

- We lower our target price (TP) for BVH by 13.5% to VND49,500/share and downgrade our rating from OUTPERFORM to MARKET PERFORM.

- Our lower TP is due to (1) 12.6%/10.6% decreases in our projections for 2023/2024F NPAT-MI and (2) cutting our target P/B from 1.90x to 1.83x.

- We decrease our 2023F net income forecast by 12.6% due to (1) 6.6% lower net financial income that outweighs (2) a 5.7% decrease in underwriting losses.