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BMI [BUY +23.5%] - Improving combined ratio; cutting financial income - Update

- We cut our target price (TP) for BMI by 6.9% to VND36,400/share but maintain a BUY rating.

- Our lower TP reflects (1) our 7.2 % aggregate decrease in 2022-2023F NPAT and (2) a decrease in target P/B from 1.7x to 1.6x.

- Our 7.2% cut in aggregate 2022-2023F net income is mainly due to (1) a 24.9% aggregate decrease in net financial income that outweighs a (2) 30.3% increase in operating profit driven by 1.6 ppt and 0.8 ppt decreases in the 2022F and 2023F combined ratios, respectively.

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