JVC - BUY - Putting the entrepreneurship back into medical devices - Re-initiation

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We re-initiate coverage of JVC with a BUY rating at the target price of VND21,800 (upside 19%, adjusted for the 80% rights issue). JVC has had a turnaround year in 2014 as deferred projects have restarted disbursements and we believe 2015 will be another good year with FY15E fully diluted EPS growth of 33% YoY. This is attributed to gross margin expansion from the contribution of a new business segment – outsource testing service – as well as an additional 100 mobile clinics in 2H15.
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