We cut our target price (TP) by 12.8% to VND64,900/share and downgrade our rating for BVH from BUY to OUTPERFORM. Our lower TP is mainly driven by (1) 2.2%/7.2% decreases in our projections for 2021/22F NPAT and (2) a cut in our target P/B multiple from 2.6x previously to 2.2x due to our concerns regarding (1) BVH’s top-line growth in the next three years amid the strong penetration of the bancassurance channel in the life insurance sector as well as intense competition in the non-life