We trim our target price (TP) by 2.2% to VND26,200/share and downgrade our rating from BUY to OUTPERFORM following a 10.7% increase in BMI’s share price over the past three months. Our lower TP is mainly due to cuts of 5.7%/17.8% in our forecasts for 2023/24 NPAT-MI that were predominantly derived from our assumption of a shorter “hard market” following the establishment of HD Insurance (please see page 4 for details).