We revise up our 2019F EPS by 5% to VND2,693 per share and revise up 2020F EPS by 10% to VND4,945 per share as higher investment income and lower expected G&A and underwriting expenses more than offset tapered GWP growth expectations. We now expect life insurance GWP to grow 19.0% CAGR from 2018 to 2023F from 23.7% previously. We increase our 2019 target price for BVH by 7.1% to VND99,000 per share from VND92,400 per share and maintain our MARKET PERFORM rating.