PVD - ADD - High revenue visibility but limited upside catalysts for 2012 - Update

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We revised our target price from VND44,000 to VND46,500 (up 5.7%), with the increase resulting from better EV/EBITDA comparables. Though representing a fraction of our final valuation, peers’ EV/EBITDA multiples in the region have improved considerably since our August 2011 report, from 6.9x to 10.0x.
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