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).