We re-initiate coverage on BMI with a BUY rating at a target price of VND26,800/share, equivalent to a projected total return of 29.3%, including a 4.7% dividend yield. BMI is one of the top four non-life insurance companies in Vietnam with gross written premium (GWP) of VND4.3tn as of 2019 and strong foothold in the growing segments of health & personal accident insurance and credit insurance. We expect the non-life insurance industry to enter a hard market in upcoming years, thereby reduci