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BVH [MARKET PERFORM +8.8%] - BVH to ride out flux in life sector via great wall of agents - Update

We revise up our target price for BVH from VND88,250 to VND92,050, indicating a MARKET PERFORM rating and a total upside of 8.8%, including a 1.2% dividend yield. Q1 2018 net profit climbed 13% Y-o-Y despite a conservative provisioning approach reflected in math reserve expense growth of 87.4% Y-o-Y. We foresee net premia growing at 24.1% CAGR in 2017-2021 while maintaining our combined ratio assumption of 96% in 2018 from 98% in 2017, driven by better claims management and higher growth