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DHG - ADD -As good as it gets – awaiting clearer catalysts from new factory - Update

Company Research

16 Feb 2012

Reiterate price target of VND71,000 – With FY2011 coming fairly in-line with our expectations and no material changes to our FY2012 forecasts we reiterate our price target of VND71,000 implying a PE of 10.1x against our forecast FY12E EPS of VND7,045, but only 8.2x FY13E EPS as its new plant comes online. The stock price has increased from the time we initiated on September 5th 2011, warranting a rating review from BUY to ADD. 2011 results – DHG impresses with 22.4% top-line growth and 13.7% bo
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