DHG - BUY - FY14 results in line with our forecasts - Update

Company Research

21 Jan 2015

DHG has released FY14 unaudited results with marginal deviations from our forecasts. We reiterate our BUY rating at the target price of VND118,000 (upside 26.9%). Net sales reached VND3,913bn (+10.9% YoY), achieving 99.3% VCSC’s forecast. EPS reached VND6,085 (+6.6% on a normalized basis), equivalent to 99% of VCSC’s FY14E EPS of VND6,177. At VND93,000, DHG is trading at PER of 11.4x VCSC’s FY15E EPS of VND8,128 (+33.6% vs. FY14).
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