We re-initiate coverage on VinGroup post merger with Vinpearl with a HOLD rating based on a RNAV derived target price of VND85,000 (upside 7%). Our target price translates into a 2012 PER of 9.7x on the back of EPS of VND8,190/share and a 2012 P/B of 3.8x. This is significant reductions to trailing PER and P/B at 29.7x and 6.0x thanks to the recognition of a number of projects going forward.