Given weak short-term outlook, BVSC maintain our NEUTRAL rating for SAB, in which we lower our target price to VND182,700/share based on a 9% reduction in 2023 EPS and unchanged target PER of 25x. However, we are also seeing stories in 2024 around improving profit margin from lower input cost and potential synergy after consolidating Sabibeco. Thus, investors can consider accumulating SAB should there be more attractive price levels given a considerably high base effect in the upcoming 2Q23.