- We decrease our target price (TP) for BVH by 9% to VND43,200/share and upgrade our rating from MARKET PERFORM to OUTPERFORM as the share price has decreased more than 10% in the last three months.

- Our lower TP is due to (1) 1.0%/0.6%/9.0% decreases in our 2023/24/25F NPAT-MI projections and (2) cutting our target P/B from 1.70x to 1.40x, which outweigh (3) the positive impact of rolling our TP horizon to end-2024F.

- We trim our 2023F net income forecast by 1.0% due to (1) our 3.3% lower forecast for total insurance premiums, which outweighs (2) a 5.4% increase in net financial income. 

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