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BMI [OUTPERFORM +18.9%] - AXA: Will they, won’t they - Update

We downgrade our rating to OUTPERFORM from BUY and lower our TP by 42.6% to VND28,400. The move in part reflects our view of a reduced likelihood of a near-term SCIC divestment to a strategic partner and a consequent catalyst for a re-rating. In addition, the discount rate used has increased by 150 bps due to a higher risk-free rate and equity risk premium. Peer group multiples have also responded to this by de-rating.