BMI [BUY+30.8%] - Attractive valuation despite pressure from low interest rates

- We decrease our target price (TP) for BMI by 5.6% to VND26,800/share and maintain a BUY rating. Our lower TP is due to (1) our 3.6%/8.8%/4.0% decreases in our 2023/24/25F NPAT projections and (2) our lower target P/B at 1.15x vs 1.30x previously, which