BVH [MARKET PERFORM +6.0%] - Growth disappoints; rate cuts to hit investment returns

- We decrease our target price (TP) for BVH by 6.1% to VND47,600/share and downgrade our rating from OUTPERFORM to MARKET PERFORM.

- Our lower TP is due to (1) 4.0%/7.1%/4.0% decreases in our 2023/24/25F NPAT-MI projections and (2) cutting our target P/B from 1.80x to 1.70x.

- We decrease our 2023F net income forecast by 4.0% due to (1) our 4.5% lower forecast for total insurance premiums, which outweighs (2) a 3.6% increase in net financial income.