- We lower our target price (TP) for PVS by 4% to VND48,800/share but maintain our BUY rating. Our lower TP is mainly due to (1) our 9% lower aggregate 2024-2028F NPAT-MI forecast (respective changes of -4%/-9%/-23%/-16%/+11% for 2024/25/26/27/28F), which