We upgrade BVH from UNDERPERFORM to MARKET PERFORM with a TP of VND53,900 (from VND53,100) for a total 2.3% downside to the current price. The main driver is a 5.5% price correction since our last update. 2017 has seen an upgrade in profit, with the expectation that H2 2017 G&A expense growth will maintain as low as in H1 2017. We foresee net premia growing at 23.3% CAGR in 2016-2020F, while the loss ratio is expected to drop from 35% in 2016 to 24% by 2020F, driven by better claims manage