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BMI - AXA appoints new member to the Board - AGM Note

BMI reported total revenue, including financial income, of VND4.1tn (USD180mn) in 2017. This exceeded its somewhat conservative guidance by 4.5%, but grew at 9.2% compared to the same period last year. 2018 guidance is for an 8% ROE, 8% GWP growth (VND3,654/USD160mn) and 6% PBT growth (VND210bn/USD9.2mn). We note, however, that guidance has been persistently conservative as we expect an 8.2% ROE, 11% GWP growth and 22% PBT growth.