- We decrease our target price (TP) for BVH by 6.1% to VND47,600/share and downgrade our rating from OUTPERFORM to MARKET PERFORM. - Our lower TP is due to (1) 4.0%/7.1%/4.0% decreases in our 2023/24/25F NPAT-MI projections and (2) cutting our target P/B