We lower our target price (TP) by 8.6% to VND57,200/share but maintain our OUTPERFORM rating for BVH. Our lower TP is due to (1) 21.8%/25.0% decreases in our projections for 2022/2023F NPAT and (2) cutting our target P/B from 2.0x to 1.9x, which outweigh