After the price falling by nearly 30% YTD, reflecting underwhelming business result, we believe that SAB valuation has returned to its historical low and safe zone. We issue an OUTPERFORM rating with a target price of VND74,500/share, implying an average forward P/E of 23.4x on FY24 profit. TP is down 23% from the previous update due to downward revision of FY23-24 forecasts. Prudent investors should keep an eye on beer consumption trends in the following quarter before making any decisions.