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BVH [OUTPERFORM +10.1%] - Lower valuation on decreased financial income forecast - Update

- We lower our target price (TP) by 4.9% to VND62,600/share and downgrade our rating for BVH from BUY to OUTPERFORM as the company’s share price has increased ~13.1% over the last three months.

- Our lower TP is due to (1) 10.5%/9.8% decreases in our projections for 2022/2023F NPAT and (2) assuming a higher cash dividend for FY2021 of VND3,026/share vs VND1,000/share as previously.

- We decrease our 2022F net income forecast by 10.5% due to (1) 5.3% lower net financial income that outweighs (2) a 2.4% decrease in losses from operating activities

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