We have raised our target price on Refrigerator Electrical Engineering Corp (REE) by 4% to VND23,700 because of higher forecasted earnings. In FY12, REE saw 32% YoY growth in sales and a 28% in net profit. Excluding non-core earnings, REE’s core businesses posted a 12% yoy increase in net profit to VND325bn. For FY13, we forecast REE to grow its core net profit by 12% to VND364bn, while its investment activities could earn VND284bn.