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DHG - BUY - Solid sales growth, tax break moved to 2015 - Update

Company Research

22 Oct 2014

Despite revising down our FY14 NPAT projection to VND538bn (from VND633bn) due to voluntary deferment of the tax break for DHG’s new factory, we still maintain a strong conviction towards DHG with the reiterated target price of VND118,000 (upside 29%). DHG’s 9M14 has been as good as expected and we extrapolate the same trajectory for the rest of 2014. At VND91,500/share, DHG is trading at FY15E of 11.5x on our forecasted FY15E EPS of VND8,128 and a 34% discount from regional peers’ 17.5x.
Tags: DHG

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