We upgrade our rating on BVH to BUY from OUTPERFORM, despite a 5.1% reduction in our target price (TP) to VND86,300 from VND90,900 that is due to an 8.6% reduction in the share price since our last update report. Declines in expected underwriting and G&A expenses are partially offset by a further decline in expected investment income. Our TP valuation date has moved to end-2020.