HVN [MARKETPERFORM +3.1%] - China’s reopening to lead HVN’s post-pandemic recovery

- We cut our target price (TP) for HVN by 12% to VND13,400/share but maintain our MARKET PERFORM rating. Our lower TP is mainly driven by a 12% decrease in our 2023-2024F aggregate EBITDAR forecast that is primarily underpinned by (1) our lower assumption