We revise down 2018F EPS by 40% to VND1,788 per share and revise down 2019F EPS 3.6% to VND2,703 per share as we expect it to take longer for the mathematical reserve provisioning burden to be eased. We have also trimmed our outlook for gross written premium 2018F GWP growth by 2.7% to 25.9% since our last update. We no longer use price to embedded value (P/EV) as 50% of our composite valuation as the company no longer discloses this figure. Instead, we only use the DDM model.