We downgrade our rating on BVH to OUTPERFORM from BUY. We reduce our target price by 7.8% to VND90,900 per share as we decrease our expectations for 2019F net investment income by 8.7% given lower longer-duration Government bond yields as well as lower-than-expected returns from equities. We have moved our target price valuation date to mid-2020. Our life gross written premium growth forecast is unchanged at 19% CAGR for 2018-2023F.