KDC - BUY - Rebranding strategy yields results - Update

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We reiterate our BUY recommendation on Kinh Do Corp with a target price of VND62,400. We maintain our forecast that 3-year EPS will grow 20% pa based on strong sales growth (16% pa) thanks to improving margins and a rebranding strategy that support sales. Mooncake sales have also been growing in line with target (+15% yoy). KDC is now trading at PER of 18.9x on our FY13F EPS and 15.7x on FY14F EPS.
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